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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.

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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