TechNovation has patented a new software platform that will be licensed to various users. It agreed to provide a 1-year renewable license to a customer starting from July 1. The customer paid the license fee of $100,000 on June 15, but the software was only available for download and use starting on July 1. According to U.S. GAAP, when should TechNovation recognize the revenue from this license?

The CPA Financial Accounting and Reporting (FAR) section covers US GAAP, IFRS, and governmental accounting, focusing on financial statement preparation, balance sheet accounts, and complex transactions.

Key concepts include revenue recognition (ASC 606), leases (ASC 842), business combinations, bonds, inventory, and governmental accounting, with a 50/50 mix of MCQs and simulations.