Which of the following statements are correct?For accrual-basis accounting: (1) record revenues when providing goods and services to customers.(2) record expenses when cash is paid. For cash-basis accounting: (3) record revenue when cash is received.(4) record expenses when benefit is received.
A. (2) and (3).
B. (1) and (3).
C. (1) and (4).
D. (2) and (4).
Answer: B
Business
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