When should revenue be recognized, assuming generally accepted accounting principles are followed?

a. Revenue should be recognized when cash is collected from the customer.

b. Revenue should be recognized based on the companys individual policy.

c. Revenue should be recognized when delivery of products or title to those products has passed to the buyer or services have been rendered and the price has been determined with the expectation of collection.

d. Revenue should be recognized when a contract has been signed that details the date and time that the product will be delivered or the services rendered and the price has been determined.