What is Construction Work in Progress?
Construction Work in Progress is a long-term asset account in which the costs of constructing long-term assets are recorded. The account Construction Work in Progress will have a debit balance and will be reported on the balance sheet as part of a company’s Property, Plant and Equipment.
The costs of a constructed asset are accumulated in the account Construction Work in Progress until the asset is placed into service. When the asset is completed and placed into service, the account Construction Work in Progress will be credited for the accumulated costs of the asset and will be debited to the appropriate Property, Plant and Equipment account.
Depreciation begins after the asset has been placed into service.
Learn more about Depreciation.
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Hello Sir,
Can i have accounting transactions list pertaining to Oracle Apps financial modules.
Thanks,
Regards,
Khan
At first you define your chart of accounts according to your company business nature and define code also . Then you set on the oracle financials
Dear Sir,
currently i have started to learn the the principle of accounting and interested to learn accounting. Since I dont have background of stuyding accounting so i need help to build my understanding on accounts and its terminologies and concepts. So can you help me out to learn this interesting subject?
regards
Start with the Topics Explained tab on our free website AccountingCoach.com.
I recently join a hydro power construction company.
Can you please help me to prepare a monthly financial construction report for management presentation and discussion?