Select the answer below which best describes the content of the Profit and Loss Statement (Income Statement:

A/Revenue is recorded when cash is received, while expenses can be recognised at an earlier point

B/Transactions and events that affect an entitys financial position or performance are recognised when the transactions and events occur, which may be at the same time as the cash relating to those transactions and events is received or paid

C/Transactions and events that affect an entity's financial position or performance or recognised when the transactions and events occur, which will always be at the same time as the cash relating to those transactions and events is received or paid

D/Profit is calculated by matching cash outflows against cash inflowS