Question 2 (1 point) When a realtor sells a house for a client, he/she a) takes temporary title to the property until the client moves in. b) has the risks and rewards of ownership until the client moves in. c) receives a commission on the sale but does not hold title to the property. d) does hold title to the property but has the risks and rewards of ownership until the client moves in. Question 3 (1 point) Which of the following is NOT one of the five steps under the proposed new revenue recognition standard currently being studied by the IASB and FASB? a) Identify the contract(s) with the customer. b) Determine the transaction price. c) Determine the collectability of the contract. d) Recognize revenue when a performance obligation is satisfied Question 4 (1 point) When a sale involves goods and services, the selling price should NOT be a) allocated to each of these parts. b) allocated only to the part with the higher value. c) allocated using the relative fair value method. d) allocated based on the fastest revenue recognition