Contract Assets and Contract Liabilities
ฝัง
- เผยแพร่เมื่อ 25 ส.ค. 2024
- In this session, I discuss contract assets and contract liabilities.
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Prof. Farhat, I just wanted to say that I really appreciate your video! The concept of contract asset contract liability I was not able to understand even after 2 hours of repeated reading Becker textbook and lecture, but I understood under 20 minutes by watching this lecture of yours. So, thank you!!!
Great. You should subscribe to my FAR Becker supplement course. The course is mapped to Becker.
farhatlectures.com/cpa_exams/far/far-gleim-2/becker-supplemental-course/
God Bless you. You are awesome, Mr. Farhat!
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Thanks so much so understandable your videos appreciate your work keep going
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Great explanation
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This is amazing. Thank you so much!
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Love your explanation.🤩
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Thanks for great explanation. Very helpful!
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Thanks, very good explained!
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Okay thank you.
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Thank you so much, but I have a question, what's the difference between the passage of time and annual billing as a condition?
Please do a video of Tax Base of an Asset and Liability.
Thanks for the great presentation really helpful for me , I have a question, is this mean we can record revenue even we didn't bill the customer based on performance we did on the project
Mr Farhat. payment received monthly from customer against interim payment certificate. Invoice will be accepted by the customer while completion of the project. since i am receiving payment on time - journal will be Dr. Bills Receivables ( instead contract asset) A/c Cr. Unbilled Revenue ( instead of revenue) - is it right?
So contract liability and contract asset are also just Accrued Rev and Unearned Rev?
Is there other possible way to distinguish Contract Liability against Unearned Revenue?
Shouldn't be revenue recognized on the basis of percentage of completion % ?
I think the professor is just giving examples how to record under different conditions. The video should be the completion contract law. According to the rate of completion contract method, it is sufficient to confirm the percentage of completion. I don't know if my understanding is correct, I look forward to the professor's guidance, thank you!
I'm still missing 20k. The expenses is 120k but you only credited cash with 100k.
You are right. He missed out the 20k supposed to be the total cost as he paid 120k to match the revenue recognized by that time totaling 120k.