Which of the following statements about the five-step process for recognizing revenue is FALSE?

Group of answer choices

The first step involves identifying the contract between the company and the customer.

If multiple performance obligations exist in the contract, the transaction price should be allocated to the different performance obligations in the contract.

Companies recognize revenue when each performance obligation is satisfied (or over time if a service is provided over time).

Companies must complete all performance obligations in a contract before recognizing any revenue associated with the contract.