# According to the U.S. GAAP Conceptual Framework, firms recognize revenue when it is realized or realizable,...

###### Question:

According to the U.S. GAAP Conceptual Framework, firms recognize revenue when it is realized or realizable, and earned. The SEC has provided four criteria that it believes must be met for revenue to be both realized/realizable and earned. What are the four criteria? Provide the Codification reference.

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