Revenue is usually recognized at the point of sale (a point in time). Under special circumstances, however, bases other than the point of sale are used for the timing of revenue recognition. Answer the following in your own words with the proper reference and citation: Required: (a) Why is the point of sale usually used as the basis for the timing of revenue recognition? (b) Disregarding the special circumstances when bases other than the point of sale are used, discuss the advantages of each of the following objections to the point-of-sale basis of revenue recognition: (i) It is too conservative because revenue is earned throughout the entire process of production. (ii) It is not conservative enough because accounts receivable do not represent disposable funds, sales returns and allowances may be made, and collection and bad debt expenses may be incurred in a later period. (Kieso 18-70) Kieso, Donald E., Jerry Weygandt, Terry Warfield. Intermediate Accounting: IFRS Edition, 4th Edition. Wiley, 06/2020