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Revenue RecognitionUsing Word or Excel, create a diagram or model that representsthe series of criteria found in CON5.Using Word or Excel, create a diagram or model that representsthe process of the revenue recognition process.Guidance:Diagram the process of revenue recognition.Start with the process.What starts the process?Think through from the business perspective what happens whenyou purchase a good or service?What are the journal entries?What are the accounts?What happens to the accounts?What’s the impact on the financial statements?Which financial statements?
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