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.

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Definitions:

Same-Sex Marriage

Federally recognized marriage between members of the same sex; made legal in the United States in 2015.

Sociological Perspective

The viewpoint that looks at the broader social contexts in which people live and how these contexts influence people's lives.

Homophobia

An aversion or hostility towards homosexual people or homosexuality in general, often manifesting in discriminatory attitudes or behaviors.

Gender Socialization

The process by which individuals are taught and learn the cultural norms and expectations associated with their gender from a young age.