Under the Financial Accounting Standards Boards guidance on revenue recognition, which of the following is not a

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Under the Financial Accounting Standards Board’s guidance on revenue recognition, which of the following is not a criteria that must be met in order for a contract to exist? 

a. The parties have approved it. 

b. The auditor has ensured that the contract’s valuation is reasonable in all material respects. 

c. The goods and/or services involved are clearly identified. 

d. The payment terms are spelled out. 

e. There is commercial value to the contract.

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Auditing A Risk Based Approach

ISBN: 9780357721872

12th Edition

Authors: Karla M Johnstone-Zehms, Audrey A. Gramling, Larry E. Rittenberg

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