Usually in corporate companies, we do post entry AR Dr to Deferred revenue a/c or Revenue a/c Cr right but what does Billing a/c exactly means (asset/liability) in COA? Also is it right to show CIP which equals total revenue as Asset and actual expense incurred as expense in P&L?
Thank you so much@ Accounts gurukul the way of explanation is so good
Its our pleasure. Thanks a lot.
Usually in corporate companies, we do post entry AR Dr to Deferred revenue a/c or Revenue a/c Cr right but what does Billing a/c exactly means (asset/liability) in COA? Also is it right to show CIP which equals total revenue as Asset and actual expense incurred as expense in P&L?
Can you make more videos on IFRS Practical application