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In this video tutorial, Professor George Skyping discusses accounting for gift cards. He explains that the sale of gift cards is recorded as deferred revenue liability. Revenue is recognized upon fulfilling the performance obligation, which occurs when the gift card is redeemed for products. For example, if a customer buys a gift card from Amazon, the revenue is recognized when the card is used for purchases, indicating that the obligation has been met. The video also touches on the potential for gift cards to be lost or to have expiration dates. Additionally, viewers are encouraged to subscribe to the channel for updates and check the description for related content.