Bailey Consulting,a Winnipeg Based Company That Uses the Contract-Based Approach

question 29

Multiple Choice

Bailey Consulting,a Winnipeg based company that uses the contract-based approach to revenue recognition,has just signed a contract to complete a strategic plan for a local business.The five-step model Bailey Consulting should follow to recognize revenue should include all of the following,except for

• A)Allocate the transaction price to performance obligations
• B)Sign the contract
• C)Identify the performance obligations
• D)Determine the transaction price

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Definitions:

Permission Marketing

A marketing strategy where businesses seek consent from consumers before sending them promotional messages or advertisements.

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A form of marketing and advertising which uses the Internet to deliver promotional marketing messages to consumers.

E-mail

A method of exchanging messages between people using electronic devices, allowing for instant communication across long distances.

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