Are these shown as assets and liabilities on the balance sheet depending on how long is left on the contract
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Not 100% sure what you're asking, but it's possible that you're correct. It's also possible that you're not. Depends what the question is.
How would you account it if you were a coal merchant with a two year contract to supply a tonne of coal a month to a customer in Newcastle.
It's the same with your telecoms contract.
Some of these enquiries are like p*****g in the wind.
You want to ask more but, why should you?