Complete the blanks in the five criteria to identify a contract with a customer.
1. All parties agree to the _______________ and commit to _____________.
2. E ach party’s rights with respect to the goods or service being transferred are __________________________.
3. Payment terms for the goods or services that are being transferred are _____________________________.
4. The contract has ___________________________, meaning that the risk, timing, or amount of the entity’s future cash flows is expected to change as a result of the contract.
5. It is _____________ that the seller will _____________ the consideration to which it is entitled in exchange for the goods or services.