Which of the Following Identifies,in the Correct Order,steps in the Five-Step

question 139

Multiple Choice

Which of the following identifies,in the correct order,steps in the five-step model for reporting revenue?

• A)Determine the transaction price;identify the seller's performance obligation(s);identify the contract.
• B)Allocate the transaction price to the performance obligation(s);determine the transaction price;recognize revenue when (or as)each performance obligation is satisfied.
• C)Identify the contract;determine the transaction price;identify the seller's performance obligation(s).
• D)Identify the seller's performance obligation(s);determine the transaction price;recognize revenue when (or as)each performance obligation is satisfied.

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Definitions:

American Agriculture

The sector of the US economy that deals with the production, processing, and distribution of food, fiber, and products derived from plants and animals.

Labor Force

Persons 16 years of age and older who are not in institutions and who are employed or are unemployed and seeking work.

Employed

refers to individuals who are currently working for pay or profit, or are engaged in any activity that generates income.

Agriculture

The practice of cultivating plants and livestock to produce food, fiber, medicinal plants, and other products to sustain life.