Economics · Financial Accounting
Which TWO of the following statements about revenue recognition are correct according to standard accounting principles? 1. Revenue is included within the statement of profit or loss when an order is received. 2. Revenue is included within the statement of profit or loss when the sale is made. 3. Revenue is included within the statement of profit or loss when cash is transferred from buyer to seller. 4. Revenue is included within the statement of profit or loss on the basis of the accruals concept.
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2 and 4
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