Contract Assets and Contract Liabilities

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In this session, I discuss contract assets and contract liabilities.
✔️Accounting students or CPA Exam candidates, check my website for additional resources: farhatlectures...
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Опубликовано:

20 сен 2024

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Комментарии : 28

@molly099 Год назад

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!!!

@AccountingLectures Год назад

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/

@laverdadescatolica5 Год назад

God Bless you. You are awesome, Mr. Farhat!

@AccountingLectures Год назад

Thank you and please visit the website for more farhatlectures.com/

@mahaabdelkhalek2552 4 месяца назад

Thank you so much, but I have a question, what's the difference between the passage of time and annual billing as a condition?

@LionlankaLabs Год назад

Great explanation

@AccountingLectures Год назад

Thank you and please visit the website for more farhatlectures.com/

@abdumaliknasriddinov4938 8 месяцев назад

Thanks so much so understandable your videos appreciate your work keep going

@AccountingLectures 7 месяцев назад

Thank you and please visit the website for more farhatlectures.com/ Start your free trial! Let’s get connected: LinkedIn: www.linkedin.com/in/professorfarhat Facebook: facebook.com/farhatlectures Instagram: instagram.com/farhatlectures/?hl=en Reddit: www.reddit.com/user/Farhatlectures

@keenyaorotiktok7201 Год назад

Please do a video of Tax Base of an Asset and Liability.

@amrmunir4483 Год назад

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

@myisopods4453 Год назад

This is amazing. Thank you so much!

@AccountingLectures Год назад

Thank you and please visit the website for more farhatlectures.com/

@throwawaythrowaway1062 Год назад

So contract liability and contract asset are also just Accrued Rev and Unearned Rev?

@MiddleEast_Asian-oh7cf 6 месяцев назад

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?

@HermanIpara-rt9pf Год назад

Love your explanation.🤩

@AccountingLectures Год назад

Thank you! 😃 and please visit the website for more farhatlectures.com/

@sahilkhan2470 Год назад

Thanks, very good explained!

@AccountingLectures Год назад

Thank you and please visit the website for more farhatlectures.com/

@Zuriel_CPA_MBA Год назад

Is there other possible way to distinguish Contract Liability against Unearned Revenue?

@karanm5228 Год назад

Thanks for great explanation. Very helpful!

@AccountingLectures Год назад

Thank you and please visit the website for more farhatlectures.com/

@ปาริชาติแซ่ย่าง-ค4ฝ Год назад

Okay thank you.

@AccountingLectures Год назад

Thank you and please visit the website for more farhatlectures.com/

@shabeero.p272 Год назад

Shouldn't be revenue recognized on the basis of percentage of completion % ?

@tenyearslater1396 Год назад

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!