Which of the following is not one of the steps for recognizing revenue?
A) Identify the performance obligations of the contract.
B) Identify the contract with the customer.
C) Estimate the total transaction price of the contract based on the sum of the stand-alone selling prices of the goods and services in the contract.
D) Allocate the transaction price to the performance obligations.
Ans: C) Estimate the total transaction price of the contract based on the sum of the stand-alone selling prices of the goods and services in the contract.
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Indicate whether this statement is true or false.
What bias accounts for the tendency of negotiators to think that integrative agreements are
obvious after the fact, but fail to see them when encountering a novel negotiation? A) The hindsight bias B) Functional fixedness C) Negative transfer D) The set effect