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What are the five steps used to determine the proper time to recognized revenue​
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31 votes
31 votes
What are the five steps used to determine the proper time to recognized revenue​

User Nate K
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11 votes
11 votes

Step 1 - Identify the contract(s) with the customer

Step 2 - Identify the performance obligations in the contract

Step 3 - Determine the transaction price

Step 4 - Allocate the transaction price to the performance obligations

Step 5 - Recognise revenue when a performance obligation is satisfied

User Nader Magdi Mahfouz
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