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The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) measures the amount of revenue as the cash plus the cash equivalent value of any non-cash assets received from customers in exchange for goods or services is called the:

a) Going-concern principle

b) Cost principle

c) Revenue recognition principle

d) Objectivity principle

e) Business entity principle

Accounting Basics, Accounting

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  • Reference No.:- M947197

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