Which of the following statements is true of accrual basis accounting? $($LO $3\mathrm{.}1)$Group of answer choicesAccrual basis accounting records expenses only when cash has been paid for them.It always results in greater net income than cash basis accounting.Accrual basis accounting is allowed by Generally Accepted Accounting Principles $($GAAP$).$Accrual basis accounting records revenue only when cash is received.