Which of the following identifies, in the correct order, steps in the five-step model for reporting revenue?
A. Allocate the transaction price to the performance obligation(s); determine the transaction price; recognize revenue when (or as) each performance obligation is satisfied.
B. Identify the contract; determine the transaction price; identify the seller's performance obligation(s).
C. Identify the seller's performance obligation(s); determine the transaction price; recognize revenue when (or as) each performance obligation is satisfied.
D. Determine the transaction price; identify the seller's performance obligation(s); identify the contract.
Answer: C
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