Question: What are the five basic steps in revenue recognition? ( Select all that apply. ) Question content area bottom Part 1 A . Identify each
What are the five basic steps in revenue recognition? Select all that apply.
Question content area bottom
Part
A
Identify each party's rights with respect to the goods or services being tranferred
B
Determine that the contract has commercial substance
C
Identify the separate performance obligations
D
Recognize revenue when, or as each performance obligation is satisfied
E
Determine the transaction price
F
Allocate the transaction price to the separate performance obligations
G
Identify all payment terms with the customer
H
Identify the contract with the customer
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