The FASB has established a Five-Step process to recognize revenue. Which of the following is not one of those steps? A.Ability to identify the contract with the customer. B.Determination thatcollection of the entitled contractual consideration from the customer is probable. C.Properly identify all of the performance obligations within the contract. D.Ability to determine the transaction price. E.Properly identify all of the deliverables and allocate the transaction price to each.

FASB has given five step process for revenue recognition.That is accepted every where.

Answered: The FASB has established a Five-Step…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The FASB has established a Five-Step process to recognize revenue. Which of the following is not one of those steps?

	A.	Ability to identify the contract with the customer.
	B.	Determination thatcollection of the entitled contractual consideration from the customer is probable.
	C.	Properly identify all of the performance obligations within the contract.
	D.	Ability to determine the transaction price.
	E.	Properly identify all of the deliverables and allocate the transaction price to each.

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