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According to Generally Accepted Accounting Principles (GAAP), revenue is recognized as income when: a contract is signed to perform a service or deliver a good.
According to Generally Accepted Accounting Principles (GAAP), revenue is recognized as income when: a contract is signed to perform a service or deliver a good. managers decide to recognize it. payment is requested. income taxes are paid on the revenue earned. the transaction is complete and the goods or services are delivered
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