According to the textbook, chapter 11 , which of the following is true concerning accrual accounting? (Select all that apply). Economic events are defined by the transfer of cash Costs are reported when the service is rendered Revenues are reported when the payments are received The creation of payment obligations defines economic events. Revenues are reported when the service is rendered. Costs are reported when the payments are made. Many small businesses which do not have to provide financial statements to the public, use cash accounting. This accounting method is required under GAAP(Generally Accepted Accounting Principles)