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Question 1.19 An Income Statement O requires that firms report operations daily O is only prepared one time in a calendar year. O assumes that a company is in business forever O reports operations over various time periods, such as months, quarters, and years Question 1.20 If ABC Company records revenue when cash is received and expenses when cash is paid, this firm is using: O financial accounting O current accounting. O cash basis accounting. O accrual basis accounting *Question 1.21 Under accrual basis accounting, revenue is recorded when: O a customer receives a cash refund O cash is received from a customer for a sale last month a customer buys goods O a customer makes a down payment for future services