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.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On December 15 of the current year, Conrad Accounting Services signed a $40,000 contract with a client to provide bookkeeping services to ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Suppose the government is concerned that research assistants already make too little money and, therefore, wants to minimize the share of the tax paid by employees. Of the three tax proposals, which is best for accomplishing this goal? a.
Answers (1)
The payments a business makes for investing in capital expenses are known as : A) profits B) interest C) wages D) rent
Answers (2)
Bramble owes $2.9 million that is due on February 28. The company borrows $2,340,000 on February 25 (5-year note) and uses the proceeds to pay down the $2.9 million note and uses other cash to pay the balance. How much of the $2.
Answers (1)
Kwik Delivery Service reports the following costs and expenses in June 2013. Indirect materials $ 8,400 Driver's salaries $14,000 Depreciation on delivery Advertising 5,100 equipment 11,200 Delivery equipment Dispatcher's salary 5,000 repairs 300
Answers (1)
How i i remix songs. Do i use a Dj App on my laptop, Or do i Have to use my dj board. If i use the app what app would if be best for free, any online?
Answers (1)
New Questions in Business
Leilani enters into a contract with Metro Taxi Company to work as a cabdriver. Under the plain meaning rule, if the contract's writing is clear and unequivocal, the meaning of the terms must be determined from a. any relevant extrinsic evidence. b.
Answers (1)
Antonio would like to replace his golf clubs with a custom-measured set. A local sporting goods megastore is advertising custom clubs for $570 , including a new bag. In-store financing is available at 2.
Answers (1)
Conventional promotional efforts and "sale speak" should be used in all of a company's social media conversations to persuade the audience. true
Answers (1)
You have two investments. The value of Investment A at the end of April was $500, at the end of May was $600, and at the end of June was $400.
Answers (1)
2017 Sold $1,351,700 of merchandise (that had cost $981,800) on credit, terms n/30. Wrote off $21,500 of uncollectible accounts receivable. Received $670,400 cash in payment of accounts receivable.
Answers (1)