TRUE OR FALSE (shows references are required) 1. A contract between a seller and a buyer need not be in writing to be enforceable 2. If the contract is not in writing, 3. 4 A contract exists for purposes of revenue recognition if either the seller or customer has SELECT THE BEST ANSWER (Shows references and computations are required) 5. Which of the following is a characteristic of a contract for purposes of revenue revenue cannot recognized, even though goods have transferred and payment expected to receive in exchange. The probability that the customer will pay the seller does not affect whether a contract exists for purposes of revenue recognition. performed an obligation specified by the contract recognition? A) Commercial substance. B) Nonverbal. C) Reasonable profit margin. D) Notarized within the company's state of incorporation