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Velocity Cellular Services (Velocity or the Company) sells wireless services and products based on the...

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Accounting

Velocity Cellular Services (Velocity or the Company) sells wireless services and products based on the Global System for Mobile Communications (GSM) standard. Under the GSM standard, each subscriber is required to have an activation card to access the network; the activation card is therefore necessary for subscribers to use their cellular phones. The activation card identifies the subscriber, provides the subscriber with a unique phone number, and only works on a specific carriers network (i.e., the activation card is not interchangeable with other carrier networks).

How or when is revenue recognized for each performance obligation? That is, explain the basis for satisfying each performance obligation.

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