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How would use the five-step revenue recognition model

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Reference no: EM132592275

Question a) Consider a Verizon sales contract in which a customer pays one price for both a new cell phone and two years of service. How would you use the five-step revenue recognition model to analyze the contract and determine when and how much revenue should be recognized?

Question b) Explain the accounts "Construction in progress" and "Billings on construction" as used in the accounting for long-term contracts.

Question c) How does the percentage of completion method typically determine the percentage of work completed on a long-term contract?

Reference no: EM132592275

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