Which statement concerning accrual accounting is true? Select one: a. Profit is the excess of cash inflows from income over cash outflows for expenses. b. Income from sales is recognised in the period when the cheque is cashed. c. For most bus ses the cash approach gives a better measure of economic performance than the accrual approach d. Income is cognised in the period when the flow of economic benefits can be reliably measured The office supplies inventory account of Canada Traders shows a balance of $4800 on 31 December 2010 O to employees in the 12 months up to 31 December 2020. After adjustment on 31 December 2020, the case of the Select one: a. office supplies expense in the income statement is $4800 and office supplies inventory in the b. office supe les expense in the income statement is $3 150 and office supplies inventory in the wince this $180 c. office supplies expense in the income statement is $0 and office supplies inventory in the balance sheet is 14 800 d. office supplies expense in the income statement is $1650 and office supplies inventory in the balance sheets 3150 Canada Traders is owed $2 500 interest on an investment at ABC Bank, which has not been received by 31 December 2020, the day of the accounting year. The adjusting entry is which of the following? Select one: a. Debit accounts receivable $2 500; Credit interest income $2 500 b. Debit interes Come $2 500; Credit accounts receivable $2 500 c. Debit intust income $2 500; Credit accrued interest $2 500 d. Debit bank $2 500; Credit interest income $2 500