Identifying the Steps in the Revenue Recognition Process

Match each of the following descriptions a through e to each of the step $1$ through $5$ in the revenue recognition process.

Answer $1$Step $1$Step $2$Step $3$Step $4$Step $5$ a$.$ Requires that a customer obtain control of a promised good$/$service$.$

Answer $2$Step $1$Step $2$Step $3$Step $4$Step $5$ b$.$ Determines the amount of consideration expected to be received in exchange for providing a good$/$service$.$

Answer $3$Step $1$Step $2$Step $3$Step $4$Step $5$ c$.$ Establishes a contract through a legal document, an oral agreement, or common business practice.

Answer $4$Step $1$Step $2$Step $3$Step $4$Step $5$ d$.$ Requires the determination of actual or estimated standalone selling prices of performance obligations.

Answer $5$Step $1$Step $2$Step $3$Step $4$Step $5$ e$.$ Determines the number of distinct goods$/$services promised to a customer.