Ask Question
BusinessBusiness
19 August, 02:53

The revenue recognition principle requires companies to follow which of these steps in recording revenue (check all that apply) : A. Allocate the transaction price to the performance obligations B. Identify the contract with the customer C. Identify the performance obligations in the contract D. Determine the transaction price

+5
Answers (1)
  1. 19 August, 03:42
    0
    A. Allocate the transaction price to the performance obligations

    B. Identify the contract with the customer

    C. Identify the performance obligations in the contract

    D. Determine the transaction price

    Explanation:

    On May 28, 2014, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) jointly issued Accounting Standards Codification (ASC) 606, regarding revenue from contracts with customers. ASC 606 provides a uniform framework for recognizing revenue from contracts with customers.

    Identify the contract

    Identify the contractual performance obligations

    Determine the amount of consideration/price for the transaction

    Allocate the determined amount of consideration/price to the contractual obligations

    Recognize revenue when or as the performing party satisfies performance obligations
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The revenue recognition principle requires companies to follow which of these steps in recording revenue (check all that apply) : A. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
A bank employee so customers personal identification information to a third party. What law did the employee break? A. Fair Credit Reporting Act B. Right to Financial Privacy Act C. Federal Deposit Insurance Act D.
Answers (1)
The efficiency loss of a tax is the net benefit society gives up because
Answers (1)
Tennies Clinic uses client-visits as its measure of activity. During November, the clinic budgeted for 3,500 client-visits, but its actual level of activity was 3,490 client-visits.
Answers (1)
Clothing Emporium was organized on January 1, 2021. The firm was authorized to issue 100,000 shares of $5 par value common stock.
Answers (1)
The second step in the regulation process of human resource management in the United States is the:
Answers (1)
New Questions in Business
What does macroeconomics focus on trying to understand
Answers (1)
Thomas Company has the following data for one of their recliners. This information is for the deluxe recliner model: Sales $200,000 Variable Costs 90,000 Contribution Margin 110,000 Fixed Costs 150,000 Operating Income (loss) $ (40,000) Assume that
Answers (1)
When households decide to hold more money, a. interest rates fall and investment increases. b. interest rates rise and investment increases. c. interest rates rise and investment decreases. d. interest rates fall and investment decreases?
Answers (1)
Johnny is organizing all the specifics for his parents' 50th anniversary party. He has made contact with all the vendors, secured the location, and created a weather contingency plan. Johnny is participating in: answer choices planning management.
Answers (1)
A house is closed on April 15. The property taxes are $960 for the year. They have not been paid. How much does the buyer receive from the seller at closing
Answers (1)
Home » Business » The revenue recognition principle requires companies to follow which of these steps in recording revenue (check all that apply) : A. Allocate the transaction price to the performance obligations B. Identify the contract with the customer C.
Sign Up Forgot Password?