The general principle of income recognition establishes that companies recognize income when

Select one: a. Control of the goods or services is transferred to customers for the amount that the company expects to be entitled to receive in exchange for those goods or services.

b. goods or services are transferred to the customer and payment is received.

c. the goods or services are transferred to the customer in a transaction between related parties.

d. the earnings process is nearly complete and payments are likely to be received.