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
Emerson studios, a chain of 25 portrait stores in five states, has organized its marketing organization into groups headed by a sales manager, an advertising manager, and a customer-service manager.
Answers (1)
Good credit equals power. which statement best illustrates that power
Answers (1)
A small LTL shipment that originates on a truck in San Francisco and is moved from San Francisco to Las Vegas where it is unloaded and put onto another truck for final shipment to Phoenix would be considered an intermodal shipment since it utilizes
Answers (1)
Gary, who is single, sells his principal residence (owned and occupied by him for seven years) in November 2019 for a realized gain of $148,000. He had purchased a more expensive new residence eight months prior to the sale.
Answers (1)
1. Which cost is not a fixed cost? building construction costs property taxes electricity rent
Answers (1)
New Questions in Business
Omaha Plating Corporation is considering purchasing a machine for $1,500,000. The machine is expected to generate a constant after-tax income of $100,000 per year for 15 years.
Answers (1)
36. A manufacturer's or supplier's use of an independent third party to manage an entire function of the logistics system, such as transportation, warehousing, or order processing, is called: a. outsourcing. b. mediation. c.
Answers (2)
The demand for salt is inelastic, and the supply of salt is elastic. The demand for caviar is elastic, and the supply of caviar is inelastic.
Answers (1)
A match is an example of something that stores what?
Answers (1)
For the following statement, state the relevant elasticity and state what its value should be (negative, positive, greater than one, zero, and so on). The demand for European vacations increases during times of rising incomes. a.
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?