Which of the following is correct? Where accounting records are maintained on accrual basis:
(a) Income should be accounted for only when received
(b) Expenses should be accounted for only when payment has been made
(c) Income should be accounted on an accruals basis and expenses on a payments basis
(d) Income and expenditure relating to the accounting period should be fully accounted for even if income is still to be received and expenses have yet to be paid