PROGRESS BILLINGS Definition

Bookmark and Share

PROGRESS BILLINGS are interim billings for construction work or government contract work. The entry is to debit progress billings receivable and credit progress billings on construction in progress. Progress billings is a contra account to CONSTRUCTION-IN-PROGRESS.

Learn new Accounting Terms

BOOK VALUE OF EQUITY is the difference between the book value of assets and the book value of liabilities.

NON-FIXED ASSET is normally equipment and furnishings with an original purchase value less than some pre-determined value (e.g., < $1,000 in acquisition cost assets are considered to be non-fixed assets). These items are not assigned asset inventory tags. Typical examples of non-fixed asset items are calculators, typewriters, chairs, desks, filing cabinets, shelving units and small tools.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.