Explain the concept of revenue recognition. What are the criteria that must be met before revenue can be recognized?
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- As a general rule, revenue is normally recognized when it is: a) Realizable and earned b) Measurable and earned c) Measurable and received d) Realizable and measurableExplain the mind the relation between the recognition of deferred revenue associated with advance payments and the later recognition of revenue.What is meant by the term unearned revenue? Where should an unearned revenue account appear in the financial state-ments? As the work is done, what happens to the balance of an unearned revenue account?