On December 15 of the Current Year,Conrad Accounting Services Signed

question 134

Multiple Choice

On December 15 of the current year,Conrad Accounting Services signed a $40,000 contract with a client to provide bookkeeping services to the client in the following year.Which accounting principle would require Conrad Accounting Services to record the bookkeeping revenue in the following year and not the year the cash was received?

• A)Monetary unit assumption.
• B)Going-concern assumption.
• C)Cost principle.
• D)Business entity assumption.
• E)Revenue recognition principle.

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Definitions:

Add

To unite or join one thing to another, typically to increase the quantity or improve the whole.

UI

User Interface, which refers to the means by which a user interacts with a computer, software application, or digital device.

Simp

A slang term often used to describe someone who performs excessive sympathy and attention toward another person, sometimes in pursuit of a romantic or sexual relationship.

Assumption

An accepted fact or statement taken for granted without proof, often serving as a foundational premise in reasoning or argumentation.