Company C provides the following financial information for the year, analyze the data adhering to the principles of the Accounting Period and Realization Concept:

• Revenue: $1,000,000
• Expenses: $700,000
• Net Income: $300,000

This analysis demonstrates how the company's revenue and expenses are recognized within the specific accounting period, contributing to the calculation of net income. The Realization Concept dictates that revenue is recognized when it is earned, regardless of when cash is received, and expenses are recognized when they are incurred, regardless of when they are paid.