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1. True or False: John goes to an Apple Store and pays $1,000 cash to buy an iPhone. In the year of the sale, Apple

1. True or False: John goes to an Apple Store and pays $1,000 cash to buy an iPhone. In the year of the sale, Apple will likely recognize $1,000 in revenue related to this transaction.

2. True or False: Revenue can be recognized if and only if a good or service has been provided and cash has been exchanged between the seller and buyer.

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