Chapter 6

Question 1

Step 1

Answer 1

Identify the contract with a customer

Question 2

Step 2

Answer 2

Identify the performance obligation(s) in the contract

Question 3

Step 3

Answer 3

Determine the transaction price

Question 4

Step 4

Answer 4

Allocate the transaction price to each performance obligation

Question 5

Step5

Answer 5

Recognize revenue when (or as) each performance obligation is satisfied