Which One of the Following Is Not One of the Five

question 203

Multiple Choice

Which one of the following is not one of the five steps for recognizing revenue?

• A) Identify the contract with a customer
• B) Recognize revenue when all the performance obligations have been satisfied
• C) Identify the separate performance obligation(s) in the contract
• D) Allocate the transaction price to the separate performance obligations

---

Definitions:

Accounts Payable

Accounts Payable are amounts a company owes to suppliers or creditors for goods and services received but not yet paid for.