According to FASB Concept Statement No.5,revenue is recognized when it is recorded (the service has been scheduled or the goods have been selected for shipping).

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FASB Concept Statement No.5 states that revenue should be recognized when it is earned, not just recorded. This means that the service has been provided or the goods have been delivered, and the revenue can be reasonably estimated and collected. Simply scheduling a service or selecting goods for shipping does not meet this criteria for revenue recognition.