Revenue is recognized based on a five-step process that is applied to a company's revenue arrangements. Instructions a. Briefly describe the five-step process. b. Explain the importance of contracts...

Revenue is recognized based on a five-step process that is applied to a company's revenue arrangements.

Instructions

a.    Briefly describe the five-step process.

b.    Explain the importance of contracts when analyzing revenue arrangements.

c.    How are fair value measurement concepts applied in implementation of the five-step process?

d.    How does the five-step process reflect application of the definitions of assets and liabilities?