The first step of the five step revenue recognition model is to identify the contract with customers.

Steve is an employee of Panache, Inc Panache pays a portion of his health insurance premium and also contributes to a retirement plan in his name

The company's share of the health insurance premium is $600, and the company's contribution to the retirement plan is $860. The journal entry to record the employee benefits to be paid by the company should include a debit to Employee Health Insurance Payable for $1,460. Indicate whether the statement is true or false

A diversion is a form of exit fee where funds are transferred from failing products to successful products

Indicate whether the statement is true or false