Identify performance obligations $($PO$)$ for each transaction and timing of revenue recognition $($Rev

Rec$)$ for each performance obligation:

Transactions Identify$/$ describe POs Explain timing of Rev Rec for

each PO

Company ABC provides

investment advice to customers

for $1$ year for an upfront fee. It

provides customers with

password$-$protected access to its

website, where they can access

investment reports. ABC has an

obligation to provide updated

reports on the website.

Tax Ins. Develops tax software

that it sells to its customers for a

fee. No further payment is

required, the software can be

returned within five days of

purchase.