CONSTRUCTION IN PROGRESS Definition

CONSTRUCTION IN PROGRESS is capital assets under construction or development that have not yet been placed into service, such as a building or parking lot. Capital assets are not subject to depreciation while in a construction in progress status.

Learn new Accounting Terms

TREASURY is, dependent upon usage, a. the funds of a government or institution or individual; b. the government department responsible for collecting and managing and spending public revenues; or, c. a depository (a room or building) where wealth and precious objects can be kept safely.

TENDER is to offer a product for sale at a specified price. A tender is issued usually in response to a specific request from a potential purchaser, e.g. government procurement.

Suggest a Term