(Chepters 1 and 2) Question 13 (of 5 Based on the recognition principle, revenue is recorded on the financial statements when the L payment is collected for the sale of a good or service. Il. earnings process is virtually complete. 11. value of a sale can be reliably determined. IV. product is physically delvered to the buyer O l and lil only O l and IV onily O Il and lll only 11 and only O land lll only