concept of revenue recognition and it lists 5 steps:

1. Identify contracts with customers.
2. Identify the performance obligations in the contract.
3. Determine the transaction price.
4. Allocate the transaction price to the performance obligations in the contract.
5. Recognize revenue when (or as) the entity satisfies a performance obligation.

What type of revenue might a workplace you have worked at had - in other words, what did they sell - a product or a service?