Which of the following statements are true? I. Expenses should be acknowledged in the income statement based on the incurred amount rather than the cash amount paid. II. Depreciation of non-current assets is systematically recognized over their useful life, as opposed to expensing them in a single year in the income statement. III. The cost of goods sold is recorded in the income statement only upon the sale of inventories, not at the time of their purchase. Select one: a. (I) and (III) b. (I) and (II) c. (II) and (III) d. (I), (II), (III)
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