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Your marketing company has been working on a consulting
project for a client. Your team has worked on the project
for two months, and it is now year-end. The project will be
completed by February of the next year, and the client has
not yet been billed. For the financial statement, how
should project be classified?Should the costs associated
with an uncompleted consulting project be classified as a
work-in-process asset on the balance sheet or should the
cost be expensed on the income statement as a part of the
doing business?why?
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Answer Posted / sheril
work in progress in balance sheet
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