*Please answer BOTH questions!*

Under current accounting guidance, which is the first step in the revenue recognition process? a. Identify the contract with a customer b. Identify the performance obligations in the contract c. Determine the transaction price d. Allocate the transaction price QUESTION 16 Which of the following is NOT a scheme that would result in improper asset valuation? a. overstating inventory b. failing to write-down obsolete inventory c. increasing accounts recelvable d. writing off uncoliectible receivables