Q8-1. What are the primary issues involved in revenue recognition?

Q8-2. What is the fundamental principle underlying the timing of revenue recognition?

Q8-3. What is the fundamental principle underlying the measurement of revenue?

Q8-4. What are the five basic steps in revenue recognition?

Q8-5. What is commercial substance?

Q8-6. How is a performance obligation defined?

Q8-7. What are the two criteria to define a good or service as distinct?

Q8-8. What factors may indicate that a promise to deliver a good or service is not separate from other promises?

Q8-9. What principles regarding timing and measurement determine when, and for how much, firms recognize revenue?

Q8-10. What is the transaction price in a contract? What factors determine the transaction price?

Q8-11. What is variable consideration and what factors cause it?

Q8-12. Describe and contrast the two approaches used to estimate the amount of variable consideration in a contract.