As a result of the revenue recognition project by the FASB and IASB: (a) revenue recognition places

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As a result of the revenue recognition project by the FASB and IASB:

(a) revenue recognition places more emphasis on when the service obligation is satisfied.

(b) revenue recognition places more emphasis on when revenue is realized.

(c) revenue recognition places more emphasis on when changes occur in assets and liabilities.

(d) revenue is no longer recorded unless cash has been received.

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Muhammad Salman Alvi

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