Under the converged standards for revenue recognition, a receivable is recognized on the seller's balance sheet only when all performance obligations have been met, except for payment. This aligns with the five-step revenue recognition process:

1. Identify the contract(s) with a customer.
2. Identify the separate performance obligations in the contract.
3. Determine the transaction price.
4. Allocate the transaction price to the performance obligations.
5. Recognize revenue when (or as) the entity satisfies a performance obligation.

• Option A is incorrect because signing a contract (covered in steps 1-4) does not alone warrant revenue recognition or the recognition of a receivable.
• Option B is correct as it reflects the point at which a receivable is recognized.
• Option C is incorrect because receiving consideration in advance results in a contract liability, not a receivable.