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Realization is the process of converting an asset, llability, or commitment into a cash flow.

Recognition is the process of measuring and including an item in the financial statements.

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Revenue recognition can occur only when the amount is specified in a contract.

Accruals are delayed recognition of costs and recelpts that have been realized through cash

flows but have not been recognized.

Deferrals refer to recognizing assets$/$IIabilites that have not yet been realized as a cash flow.