This study explores how to use smart contract technology to implement accounting principles for public use. To illustrate its feasibility, this study develops a design model of decentralized accounting contracts (DACs) and uses revenue recognition to demonstrate how to apply the proposed model. Considering various scenarios of revenue recognition, this study adopts Solidity to program smart contracts for five use cases: (1) regular sale, (2) installment sale, (3) gift card sale, (4) a contracted sale with multiple performance obligations, and (5) a contracted sale with variable considerations over the contract price. The results show that smart contracts can be created to fully address complex revenue recognition scenarios according to the Generally Accepted Accounting Principles (GAAPs). In conclusion, we discuss the implications of the study for business organizations, regulatory agencies, and the accounting profession.