2.The statement concerning accrual accounting that is true is:

Group of answer choices

1.Income is recognised in the period when the inflow of economic benefits can be reliably measured

2.Profit is the excess of cash inflows from income over cash outflows for expenses

3.For most businesses the cash approach gives a better measure of economic performance than does the accrual approach

4.Income from sales is recognised in the period when the cheque is cashed