What are the first step and the final step in the revenue recognition process?

a$.$ The first step is identify the contract with customers, and the final step is allocate the transaction price to the separate performance

obligations.

b$.$ The first step is identify the separate performance obligations in the contract, and the final step is determine the transaction price.

c$.$ The first step is identify the contract with customers, and the final step is recognize revenue when each performance obligation is satisfied.

d$.$ The first step is determine the transaction price, and the final step is identify the separate performance obligations in the contract.