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) (1) and (4).
B) (2) and (3).
C) (1) and (3).
D) (2) and (4).
Answer: C
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