Test Bank for Intermediate Accounting, Thirteenth Edition 2 - 1897. When is revenue generally recognized? 98. Which of the following are the two components of the revenue recognition principle? 99. Which of the following practices may not be an acceptable deviation from recognizing revenue at the point of sale? a. Upon receipt of cash. b. During production. c. Upon receipt of order. d. End of production. 100. Which of the following is not a required component of financial statements prepared in accordance with generally accepted accounting principles? 101. What is the general approach as to when product costs are recognized as expenses? 102. Not adjusting the amounts reported in the financial statements for inflation is an example of which basic principle of accounting? 103. Recognition of expense related to amortization of an intangible asset illustrates which principle of accounting? a. Expense recognition. b. Full disclosure. c. Revenue recognition. d. Historical cost.