Which of the following statements is true?

a. Historical cost of an asset refers to the amount received by the institution when the liability was incurred, or cash or cash equivalents are expected to be paid.

b. When deciding to use fair value, entities should ensure consistency in the use of the same valuation experts.

c. Matching is when income and gains are reported in the same period as expenses and losses.

d. The periodicity concept refers to the preparation of periodic financial statements.