Which of the following statements accurately describes the difference between revenue recognition at a certain point in time and revenue recognition over a period of time?
1) Revenue recognition at a certain point in time recognizes revenue when goods or services are delivered, while revenue recognition over a period of time recognizes revenue proportionally over the duration of a long-term contract.
2) Revenue recognition at a certain point in time recognizes revenue when cash is received, while revenue recognition over a period of time recognizes revenue when the right to receive payment is established.
3) Revenue recognition at a certain point in time recognizes revenue based on the transfer of control, while revenue recognition over a period of time recognizes revenue when cash is received.
4) Revenue recognition at a certain point in time and revenue recognition over a period of time are the same concepts and do not have any differences.