Revenue is considered to be earned when:

A. a company exchanges goods or services for cash or claims to cash.
B. when it is realized or realizable.
C. a company has substantially completed what it must in order to be entitled to the benefits represented by the revenues.
D. assets received by the company in exchange for goods or services are readily convertible to known amounts of cash or claims to cash

Ans: C. a company has substantially completed what it must in order to be entitled to the benefits represented by the revenues.