The five steps in the revenue recognition process are: 1.Identify the contract(s) with customers. 2.Identify the separate

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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)

Related Book For answer-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Posted Date: Jan 11, 2022 07:13 AM

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The five steps in the revenue recognition process are: 1.Identify the contract(s) with customers. 2.Identify the separate

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Identify the contracts with customers This is the first step which is usually straightforward and less complex since it involves some criteria to meet ... View the full answer

Intermediate Accounting Reporting and Analysis

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