Question: 5 1 pointGenerally Accepted Accounting Principles ( GAAP ) require revenue to be recognized as income when:payment is requested.ontract is signed to perform a service

51

pointGenerally Accepted Accounting Principles

(

GAAP

)

require revenue to be recognized as income when:payment is requested.ontract is signed to perform a service or deliver a good. the end of the financial reporting period arrives.income taxes are paid on the revenue earned.the transaction is complete and the goods or services are delivered.

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