o5-1 What are the five key steps a company follows to apply the core revenue recognition principle? Q 5-2 What indicators suggest that a performance obligation has been satisfied at a single point in time? a5-3What criteria determine whether a company can recognize revenue over time? o5-4 We recognize service revenue either at one point in time or over a period of time. Explain the rationale for recognizing service revenue using these two approaches. What characteristics make a good or service a performance obligation? 05-5 Q 5-6 Q 5-7 How does a seller allocate a transaction price to a contract's performance obligations? What must a contract include for the contract to exist for purposes of revenue recognition