What Is the Correct Order of Steps in Applying the Revenue

Multiple Choice

What is the correct order of steps in applying the revenue recognition model?
1) Identify the separate performance obligations in the contract
2) Identify the contract with the customer
3) Determine the transaction price for the entire contract
4) Recognize revenue when each separate performance obligation is satisfied
5) Allocate the transaction price to separate performance obligation

A) 2) 1) 3) 5) 4)
B) 1) 2) 3) 4) 5)
C) 1) 2) 3) 5) 4)
D) 2) 1) 3) 4) 5)