Which of the following statements is INCORRECT in the context of accounting concepts?

In case of precious metals like gold, the revenue is recognised when the gold is mined and not necessarily when it is sold.

In case of sale on instalment basis under hire purchase transactions, cash received in the form of instalment is the amount of revenue recognised.

Accounting systems based on the accural concept is also known as the Mercantile System of Accounting.

The realization concept is related to both revenues and expenses.