Learning outcomes

The learning outcome statements related to revenue recognition are as follows:

1. apply revenue recognition principles to various types of transactions
2. demonstrate an understanding of revenue recognition for contracts with customers using the steps required to recognize revenue
3. demonstrate an understanding of the matching principle with respect to revenues and expenses, and be able to apply it to a specific situation

The following pages cover the five-step revenue recognition model, contract assets and contract liabilities, recognizing revenue at a point in time vs. over time, and common revenue transactions such as discounts and sales returns.