On December 30, 2006, KPMG signs a $150,000 contract to provide accounting services to one of its
Question:
On December 30, 2006, KPMG signs a $150,000 contract to provide accounting services to one of its clients in 2007. KPMG has a December 31 year-end. Which accounting principle requires KPMG to record the accounting services revenue from this client in 2007 and not 2006?
a. Business entity principle
b. Revenue recognition principle
c. Monetary unit principle
d. Cost principle
e. Going-concern principle AppendixLO1
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Related Book For
Financial Accounting Information For Decisions
ISBN: 9780073043753
4th Edition
Authors: John J. Wild
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