Accounting Research Project

Part 1 (5 points; Due date: 11/11/2019)

REQUIREMENT.

• Question 1: What is the codification reference(s) that is relevant to the first step of new revenue recognition model: identify the contract(s) with a customer.

Answer: Codification reference(s): ASC 606-10-25-1(a) through (e)

• Question 2: What is the codification reference(s) that is relevant to the second step of new revenue recognition model: identify the performance obligation(s) in the contract.
• Question 3: What is the codification reference(s) that is relevant to the third step of new revenue recognition model: determine the contract transaction price.
• Question 4: What is the codification reference(s) that is relevant to the fourth step of new revenue recognition model: allocate the contract transaction price to different performance obligations.
• Question 5: What is the codification reference(s) that is relevant to the fifth step of new revenue recognition model: recognize revenue when the entity satisfies the performance obligations.