Allocating a transaction price to multiple performance obligations includes which of the following steps: Allocate...
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Accounting
Allocating a transaction price to multiple performance obligations includes which of the following steps: Allocate the transaction price based on relative fair values. The best measure of fair value is what the good or service could be sold for on a standalone basis (standalone selling price). All of these choices are correct. Consolidate the components of the contract to two performance obligations because a contract should not have more than two performance obligations. Complete each performance obligation before recognizing any revenue from the contract
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