Which of the following is not a step in the recognition of revenue?

A) Recognise revenue when the entity satisfies a performance obligation.
B) Allocate the buying price to the goods or services.
C) Identify the performance obligation.
D) Determine the transaction price.

Performance Obligation

A commitment in a contract to transfer a good or service to a customer.

Allocation

The process of assigning a cost or an income to various accounts, departments, or periods as part of accounting efforts.

Transaction Price

The amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer.