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ACCT 331 Term Paper: Revenue Recognition There has been an overhaul of revenue recognition policy in US GAAP. Write a paper regarding revenue recognition and include the followings. 1. Describe the core revenue recognition principles and how they are applied State the pros and cons of the current revenue recognition principles. 2. Describe the accounting for long term contracts. 3. Cite the related GAAP Codification section, sub-section, and paragraph numbers. You can find the login information to GAAP Codification website in the Blackboard "Announcement" section, Any books, articles, web-sites, and research papers you used as references should be cited