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Describe the five-step process in revenue recognition

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Reference no: EM132496986

Revenue is recognised based on a five step process that is applied to a company's revenue arrangement.

Question (a) Describe the five-step process in revenue recognition. Give example.

Question (b) Revenue may also be recognised over time. Give one example of business activities in which revenue is recognised over time. Explain the rationale in recognising revenue over time instead of the point of sale basis

Reference no: EM132496986

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