14. Which of the following are true of financial statements prepared on the cash basis of accounting? 1. Expenses are recorded only when invoices from suppliers are received II. Revenues are overstated if the company sells on credit III. When cash is collected, a sale is recorded IV. Expenses will be distorted if fixed assets are purchased during the year OA. 1& 11 OB. III & IV hos Oc. 1,181 OD. II, III & IV