What are the five principal steps in the revenue recognition process?

What will be an ideal response?

Answer: The five principal steps in the revenue recognition process are:
1. Identify the contracts with the customer.
2. Identify the performance obligations in the contract.
3. Determine the transaction price.
4. Allocate the transaction price to the performance obligations.
5. Recognize revenue when, or as, it satisfies each performance obligation.

Business

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On a cheque, the bank is the:

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