Multiple Choice
On December 15,2010,Myers Legal Services signed a $50,000 contract with a client to provide legal services to the client in 2011.Which accounting principle would require Myers Legal Services to record the legal fees revenue in 2011 and not 2010?
A) Monetary unit principle
B) Going-concern principle
C) Cost principle
D) Business entity principle
E) Revenue recognition principle
Correct Answer:
Verified
Correct Answer:
Verified
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