Revenue recognition refers to the timing and amount of revenue reported by companies. In your own words:

a. Describe the core principle formulated by accounting standard setters for revenue recognition.

b. Describe the five-step process that companies should follow to accomplish this principle.

c. Describe what a "performance obligation" is.

d. Provide at least 4 examples of how different types of businesses would recognize revenue under this principle and five-step process.