Accounting · Accounting Concepts

Consider the following statements regarding the Hybrid or Mixed Basis of Accounting: I. It recognizes incomes exclusively on a cash basis, recording them only when received in cash. II. Expenses are recorded strictly on a cash basis, ensuring they are recognized only when actual payments are made. III. Expenses are recognized on an accrual basis during the accounting period they arise, irrespective of when paid. IV. This approach aims to combine the elements of both accrual and cash basis accounting. Which of the statements given above are correct?