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The question of when revenue should be recognized on the income statement according to GAAP is addressed by the:
Assignment
The transfer of a right, property, or debt from one party to another, including contractual rights or obligations.
Contract
An agreement between two or more entities that holds legal validity and can be enforced in a court of law.
Restrictive Covenant
A clause in a deed or lease that limits how the property can be used, often to maintain the value or character of the land.
Rental Revenue
Income derived from leasing properties or assets to tenants, including residential, commercial, or industrial spaces.
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