The Accounting Standards Codification 606 of the U

Multiple Choice

The Accounting Standards Codification 606 of the U.S. GAAP has five steps for revenue recognition. They are listed below. Properly order these five steps.
i. Recognize revenue when (or as) the entity satisfies a performance obligation.
ii. Determine the transaction price.
iii. Identify the contract with a customer.
iv. Allocate the transaction price to the performance obligations in the contract.
v. Identify the performance obligations in the contract.

A) i, ii, iii, iv, v
B) iii, v, ii, iv, i
C) v, iv, iii, ii, i
D) iv, iii, I, ii, v