Question 27 2.5 pts Which financial statements are affected by collection of payment in advance from a customer? The balance sheet and statement of cash flows only. The statement of cash flows only. The balance sheet only. The income statement and statement of cash flows only. Question 28 Which of the following statements is true regarding accrual basis accounting? Accrual accounting is not allowed under GAAP Revenue is recorded in the period in which cash is collected from customers. Expenses are recognized or matched with the revenues they helped produce. Expenses are recorded in the period in which they are paid. 2.5 pts