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) Revenue is recognized when there is completion of the earnings process, only.
B) Revenue is recognized when there is receipt of assets from the customer, only.
C) Revenue is recognized when there is completion of the earnings process and receipt of assets from the customer.
D) Revenue is recognized when there is expiration of the warranty period, only.
E) Revenue is recognized when there is receipt of the final payment, only.