Contract Assets and Contract Liabilities

[@yusrasardarkhan]

Can't thank you enough for all these helpful videos. Now I open your lectures first before listening to BECKER :) This is definitely ' sadaqa '

[@AccountingLectures]

Most welcome. Please check my website for more. Start your free trial : farhatlectures.com/

[@molly099]

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]

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/

[@yusrasardarkhan]

gosh same here, I wasn't able to grasp the concept with Becker but with Mr. Farhat's lecture, it all became clear so easily.

[@anneltrng6940]

thank you so much the explanation is very clear !

[@LionlankaLabs]

Great explanation

[@AccountingLectures]

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

[@abdumaliknasriddinov4938]

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

[@AccountingLectures]

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

[@myisopods4453]

This is amazing. Thank you so much!

[@AccountingLectures]

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

[@HermanIpara-rt9pf]

Love your explanation.🤩

[@AccountingLectures]

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

[@karanm5228]

Thanks for great explanation. Very helpful!

[@AccountingLectures]

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

[@ปาริชาติแซ่ย่าง-ค4ฝ]

Okay thank you.

[@AccountingLectures]

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

[@keenyaorotiktok7201]

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

[@sahilkhan2470]

Thanks, very good explained!

[@AccountingLectures]

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

[@amrmunir4483]

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

[@mahaabdelkhalek2552]

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

[@MiddleEast_Asian-oh7cf]

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?

[@throwawaythrowaway1062]

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

[@Zuriel_CPA_MBA]

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

[@5uiii]

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

[@tenyearslater1396]

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!

[@manoftomorrow5987]

I'm still missing 20k. The expenses is 120k but you only credited cash with 100k.

[@theresamuniz1939]

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.