Define the revenue recognition principle.

Identify the five steps in the revenue recognition process.

Describe the critical factor in evaluating whether a performance obligation is satisfied.

Why is the point of sale usually used as the basis for the timing of revenue recognition?

Explain the importance of contracts when analyzing revenue arrangements.

How are fair value measurement concepts applied in implementation of the five$-$step process?

How does the five$-$step process reflect application of the definitions of assets and liabilities?

What is the transaction price? What additional factors related to the transaction price must be considered in determining the transaction price?

What are some examples of variable consideration? What are the two approaches for estimating variable consideration?

When is revenue recognized in the following situations?

revenue from selling products,

revenue from services performed,

revenue from permitting others to use company assets, and

revenue from disposing of assets other than products.