Which of the following is correct?

(Choose all of the correct answers.)

Group of answer choices

The cash basis of accounting is permitted to be used under generally accepted accounting principles

The accrual basis of accounting requires revenues to be recognized even if cash is not received

The cash basis of accounting is solely based on the receipt and payment of cash

The accrual basis of accounting requires expenses to be recognized when incurred, even if cash is not yet paid

The cash basis of accounting requires all expenses to be recognized when paid