Which of the following is one of the steps used to apply the revenue recognizing principle Multiple Choice Allocate the revenue to the performance obligation that is completed first Cancel the contract if the performance cannot be completed in one year Estimate the fair value of the transaction price Identify the performance obligation(s) in the contract What is the relationship between Construction-in-progress (CIP) and the Billings on Construction Contract aco Multiple Choice 0 Billings is contra to CIP and reduces the balance of the CIP account. 0 CIP is contra to accounts receivable and reduces the balance of the accounts receivable account. 0 CIP is an equity account and Billings is a liability. 0 Billings is an inventory account and CIP is a financial asset, like Accounts Receivable