Revenue may be recognized before cash is received, when cash is received, or after cash is received, depending on the accounting method and timing of goods or services delivery:

• Before cash is received: Under accrual accounting, revenue is recognized when goods or services are delivered or earned, even if payment has not been received yet. This is known as accrued revenue, recorded as an asset (accounts receivable) because the company has a right to receive payment.
• When cash is received: Under cash accounting, revenue is recognized only when cash is actually received, regardless of when goods or services are delivered.
• After cash is received: Sometimes revenue recognition is deferred even after cash receipt if the company has not yet delivered the goods or services. This is called deferred revenue and is recorded as a liability until earning is complete. In some methods like installment sales or cost recovery, revenue is recognized proportionally or after covering costs.

In summary, revenue recognition depends on the fulfillment of performance obligations and the accounting basis, with three main cases—before, at, or after cash receipt.