Final answer:
The statement that revenue is recorded at the time goods or services are sold is True, which is in line with the Realization of Revenue concept in accounting. Total revenue is determined by multiplying the price by the quantity sold.
Step-by-step explanation:
The concept of Realization of Revenue is based on the principle that revenue should be recognized when the earnings process is complete, and there is reasonable certainty as to the collectibility of the asset (usually cash or receivables). In practice, this means that revenue is recorded at the time goods or services are sold, provided that the other criteria of revenue recognition have been satisfied. Thus, the statement that the accounting concept Realization of Revenue is applied when revenue is recorded at the time goods or services are sold is True.
Total revenue is an important measure of a firm's financial performance and is calculated by the formula: Total Revenue = Price x Quantity. This represents the income generated from selling products or services at a given price for a certain quantity.