Which of the Following Statements Regarding Contracts Is INCORRECT

question 54

Multiple Choice

Which of the following statements regarding contracts is INCORRECT?

• A)The process of revenue recognition is based on contracts that the entity has with outsiders.
• B)A contract is an agreement between two parties that creates enforceable rights or performance obligations.
• C)Only written contracts are valid.
• D)Identifying the contract with the customer is the first step of the revenue recognition model.

---

Definitions:

Audience

A group of people who participate in a show or encounter a work of art, literature, theater, music, video games, or academics in any medium.

CV

Short for Curriculum Vitae, a detailed document highlighting an individual's academic and professional history, skills, and achievements.

Résumé

A document that summarizes an individual's employment history, education, skills, and accomplishments to present to a prospective employer.

Personal Information

Data or details that identify an individual, such as name, address, email, or phone number.