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State the five steps in the recognition of revenue

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Problem 1. State the five steps in the recognition of revenue.

Problem 2. Explain how performance obligations are identified in a contract.

Problem 3. Explain how the transaction price is allocated to the performance obligations.

Problem 4. Explain the timing of revenue recognition and its measurement.

Problem 5. Explain the presentation of contracts with customers in the statement of financial position.

Reference no: EM132757093

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