The primary objective of financial reporting is to provide information:

concerning the changes in financial position resulting from the income$-$producing efforts of the entity.

about a firm's management team.

about a firm's financing and investing activities.

useful to capital providers.

Statements of Financial Accounting Concepts issued by the FASB:

have been superseded by SFASs.

identify the conceptual framework within which accounting standards are developed.

are subject to approval of the SEC.

represent GAAP.

In general, revenue is recognized when:

a purchase order has been received.

the sales price has been collected.

a good or service has been delivered to a customer.

a contract has been signed.