On December 30, 2012, KPMG signs a $150,000 contract to provide accounting services to one of its

Question:

On December 30, 2012, KPMG signs a $150,000 contract to provide accounting services to one of its clients in 2013 . KPMG has a December 31 year-end. Which accounting principle or assumption requires KPMG to record the accounting services revenue from this client in 2013 and not 2012?

a. Business entity assumption

b. Revenue recognition principle

c. Monetary unit assumption

d. Cost principle

e. Going-concern assumption

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