According to the ideas behind the revenue recognition standard of the FASB, when a seller enters into a contract with a buyer, the seller accepts certain performance obligations in exchange for the promise of receiving assets from the buyer. Under this standard, when does the seller RECOGNIZE REVENUE?

When the seller satisfies a performance obligation to the buyer?

When the seller enters into a contract with the buyer?

When the seller spends $50$ percent or more of the cash needed to serve the buyer?

When the seller collects cash from the buyer?

Answer rating: 100% (QA)

According to the revenue recognition standard of the FASB the selle... View the full answer