. . . Which of the following is one of the steps for recognizing revenue? Multiple Choice Identify the performance obligations of the contract. Determine whether bad debts can be reasonably estimated. Estimate the total transaction price of the contract based on fair value. Allocate all revenue to the performance obligation with the largest stand-alone selling price, Accruals occur when cash flows: Occur before expense recognition Occur after revenue or expense recognition Are uncertain May be substituted for goods or services. I Adjusting entries are needed primarily for: Cash basis accounting Accrual accounting Current value accounting Manual accounting systems. A constraint on qualitative characteristics of accounting information is: timeliness. Going concern Neutrality Cost-effectiveness