Which of the following statements about accrual basis accounting is correct? Multiple Choice If a company uses accrual basis accounting, the company should not record revenue until payments are actually received. IFRS does not allow accrual basis accounting for external reporting of income. O If a company uses accrual basis accounting, the company should record expenses in the same period as the revenues they genere The items reported on the income statement continue to have an impact beyond the current period, whereas the items reported on period.