The term, "realization," in revenue recognition refers to which of the following?

• The entity has completed, or substantially completed, the activities it must perform to be entitled to the revenue benefits.

• The product or service has been exchanged for cash, claims to cash, or an asset that is readily convertible to a known amount of cash or claims to cash.

• The entity has received an irrevocable order for goods or services.

• Cash has been received with an irrevocable order for goods or services.