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Which one is not five steps in revenue recognition process

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Problem 1: Which one is not the five steps in the revenue recognition process?

a) Recognize revenue when each performance obligation is satisfied.

b) Determine the transaction price.

c) Identify the contract(s) with customers.

d) Identify the accounting standard applied in the contract.

Problem 2: Which one is correct about revenue recognized in the following situations?

a) Revenue from selling products-date of delivery to customers.

b) Revenue from services performed-when the services have been performed (performance obligation satisfied).

c) Revenue from permitting others to use company assets-as time passes or as the assets are used.

d) All of above

Reference no: EM132812815

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