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QUESTION
The recognition principle states that:sales should be recorded when the payment for that sale is received.costs should be recorded when paid.
The recognition principle states that:
A.sales should be recorded when the payment for that sale is received.
B.costs should be recorded when paid.
C.sales should be recorded when the earnings process is virtually completed and the value of the sale can be determined.
D.costs should be recorded on the income statement whenever those costs can be reliably determined.
