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1. Is the cost figure in the SPL always going to be a balancing figure (even if the question gives you the cost to date)?
2. What is the double entry (DR & CR) for the figures in the SPL and the figures used for the contract asset in the SFP?
3. Is the contract asset another way of saying inventory (work in progress)?
4. What is the double entry for the change in the contract asset from one year to the next?
1. No it will not always be the balancing figure, it depends on the method used to recognise the revenue and the year of the contract.
2. You need to use an example with numbers to be able to do this and I’d not recommend that you do so as it makes it far more complicated than necessary.
3. Yes
4. Again, don’t go near the double entries.
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