Click to watch the Tell Me More Learning Objective 1 video and then answer the questions below. 1. Under the revenues and their related expenses are reported on the income statement in the period in performed or a product has been delivered. a. cash basis of accounting b. accrual basis of accounting c. historical cost concept d. None of these are correct. service has been revenues and expenses are reported on the income statement in the period in which cash is rec paid 2. Under the a. cash basis of accounting b. accrual basis of accounting c. historical cost concept d. None of these are correct. 3. An adjusting entry will always involve a rev expense account