Final answer:
The statement is false as revenue is recognized when earned, not necessarily when cash is received, following the revenue recognition principle in accounting.
Step-by-step explanation:
The statement that revenue recognition concept states that revenue should be recorded in the same period as the cash is received is false. According to the revenue recognition principle in accounting, revenue is recognized when it is earned and realizable, regardless of when the cash is actually received. This principle is aligned with the accrual basis of accounting, which records revenues and expenses when they are incurred, not necessarily when cash is exchanged. The principle aims to report the true financial performance of a company by matching revenues with the expenses incurred to generate them within the same accounting period.