Under FASB ASC 606, the Last Step in the Revenue

question 47

Multiple Choice

Under FASB ASC 606, the last step in the revenue recognition process is to

• A) Allocate transaction price to the separate performance obligations
• B) Recognize revenue when each performance obligation is satisfied
• C) Determine the transaction price
• D) Identify the contract with customers

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Definitions:

Column Proportion

The ratio of the frequency of a particular category to the total number of observations in a column of a table, usually expressed as a percentage.

SAS Proficiency

The level of skill or expertise in using the Statistical Analysis System (SAS), a software suite used for data management, advanced analytics, multivariate analysis, business intelligence, and predictive analytics.

Very Proficient

Describes a high level of skill, competency, or knowledge in a particular area or activity.

Column Proportion

The fraction or percentage of a particular value within a column in a dataset, representing the relative frequency of that value.