5. Revenue is properly recognized (1.5 points): A. When the customer's order is received? B. Only if the transaction creates an account receivable. C. At the end of the accounting period. D. Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price. E. When cash from a sale is received.
Under revenue recognition principle, revenue is recognise the moment a service a sale is completely made regardless if the payment is made a day or days after service has being fully rendered.
