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Hi Mr Mike, I will work over revenue tomorrow in order to show what I want to know in-depth.Lots of students do not pay attention to it but it is really important
Last time you said you have never seen an example which contract asset=trade receivable +Work in progress but I will show it. Tomorrow I will show just two examples and I will highlight which part is really unclear for me.
I try to make my weak areas strong in order to reduce any probability as possible as simply to zero!
If it will be slightly long but IT IS REALLY VERY VERY VERY IMPORTANT FOR ME!Already made lots of research but did not find this answer and decided to get extended explanation and a bit attention to my wanting.Kengara, I know how we arrive at the value of the contract – I don’t need you to prove anything to me
What I said was that I had never heard the expression “Contract asset” but I see no reason at all why it shouldn’t be called that … in a trial balance
On the statement of financial position, however, it tends to be called:
“Amounts due from / (to) customers (being the unbilled work-in-progress (or pre-billed work-in-progress)”
and
“Amounts due from / (to) customers (being the amounts invoiced less amounts received ie receivables)”
Please don’t bother typing out great long lengths of questions
Just give me the question name and / or exam reference (as I have asked you on numerous occasions in the recent past)
Hi Mr Mike,
I do not know in which past paper it exists but I will give you the name of question which in Becker revision question bank to June 2017.
The name of question is LINNET and MOCCA. Last time you said that We do not have books and I am sorry but it is in this revision question bank.I did not say “Last time you said that We do not have books …”
I said that I don’t have study material. At the moment, the 4 tutors that answer questions are located on 3 different continents and the 2 that are in Europe are at diagonally opposite ends
I can’t speak for any of the others in terms of whether or not they have study material from the approved publishers
But I don’t
Well, we are making progress – you have given me the name of the question and I think that Mocca is from June 2011
Now when I look at the printed solution for Mocca, I see the expression “contract asset”
Point proved
However, in this question, there is no information about invoices rendered and payments received
If there had been , that single figure for “contract asset’ would have needed to be split between “amounts due from customers” as un-billed work-in-progress and “amounts due from customers” as receivables
But, hey! No big thing
You go ahead and call in Contract Asset
I assume the same goes for Linnet
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