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Bailey Consulting,a Winnipeg Based Company That Uses the Contract-Based Approach

Question 29

Multiple Choice

Bailey Consulting,a Winnipeg based company that uses the contract-based approach to revenue recognition,has just signed a contract to complete a strategic plan for a local business.The five-step model Bailey Consulting should follow to recognize revenue should include all of the following,except for


A) Allocate the transaction price to performance obligations
B) Sign the contract
C) Identify the performance obligations
D) Determine the transaction price

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