When a bank lends money, it delivers a service; that is, the bank provides the borrower with
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When a bank lends money, it delivers a service; that is, the bank provides the borrower with the use of the money for a specified period of time. The bank earns revenue for the service it delivers during this period. This type of revenue is called interest revenue . In accordance with the realization concept, interest revenue is recognized in the period(s) [in which the interest is received / in which the borrower has the use of the money].
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