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CIP (costs incurred and paid) is a liability or asset? Amounts billed and payments received is a asset or liability? if CIP < AP, then an asset increase happen(I think) or liability increase happen? Thanks. generally, CIP is larger than AP or not? is AP here is account payable? Thanks. when construction - in -progress exceeds billings, dose it mean the CIP > AP? Thanks. then a net asset occur or a net liability occur? Thanks.