2 pts Question 12 FASB revenue recognition requirements require nonprofits to apply five steps to each type of exchange contract to determine when to recognize revenue. The first 4 steps are (1) identify the contract with the customer. (2) identify the performance obligations in the contract, (3) determine the transaction price, and (4) allocate the transaction price to the performance obligations in the contract. What is the 5th step? - Recognize revenue when the nonproft prepares an invoice for the service O Recognize revenue when (or as) the entity satisfies the related performance obligation O Recognize revenue when the customer pays the bill O Recognize revenue when (or as) it is probable that the customer will pay for the goods or services