Which of the following statements regarding contracts is incorrect? a. Identifying the contract with the customer is
Question:
Which of the following statements regarding contracts is incorrect?
a. Identifying the contract with the customer is the first step of the revenue recognition model.
b. A contract must be written to be valid.
c. For a business that provides services, the performance obligation is generally satisfied when the service provider has substantially completed the service for the customer.
d. A contract is an agreement between two parties that creates enforceable rights or performance obligations.
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Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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