Question: The five steps in the revenue recognition process are: 1.Identify the contract(s) with customers. 2.Identify the separate performance obligations in the contract. 3.Determine the transaction

The five steps in the revenue recognition process are:

1.Identify the contract(s) with customers.

2.Identify the separate performance obligations in the contract.

3.Determine the transaction price.

4.Allocate the transaction price to the separate performance obligations.

5.Recognize revenue when each performance obligation is satisfied ( Expalin each step with simple english)

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