As a General Principle, Under the Accrual Basis of Accounting

Multiple Choice

As a general principle, under the accrual basis of accounting, the firm recognizes revenue when the transaction meets which of the following conditions?

A) completion of the earnings process, only
B) receipt of assets from the customer, only
C) completion of the earnings process and receipt of assets from the customer
D) expiration of the warranty period, only
E) receipt of the final payment, only