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. Choose step 2 from the list below.

A) Recognize revenue when (or as) the entity satisfies a performance obligation.
B) Determine the transaction price.
C) Identify the contract with a customer.
D) Allocate the transaction price to the performance obligations in the contract.
E) Identify the performance obligations in the contract.