Which of the following statements are correct?

For accrual-basis accounting:

(1) record revenues when providing goods and services to customers.

(2) record expenses when cash is paid.

For cash-basis accounting:

(3) record revenue when cash is received.

(4) record expenses when benefit is received.

A) (1) and (4).

B) (2) and (3).

C) (1) and (3).

D) (2) and (4).

Answer: C