What is the correct statement? Select one of the correct statements.

1. In cash basis of accounting, the revenue is recorded when it is measurable.

2. In accrual basis of accounting, the revenue is reported when the cash payment is received.

3. In cash basis of accounting, revenues are recorded when the organization has a right to receive the revenues.

4. In modified accrual basis accounting, the revenue is recorded when it is measurable and available.

5. In accrual basis of accounting, expenditures are recorded when the cash payment is made.