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USCPA每日一练之FAR【2015-10-31】

高顿网校2015-10-30 09:40Lynn.yu
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　　UVW Broadcast Co. entered into a contract to exchange unsold advertising time for travel and lodging services with Hotel Co. As of June 30, advertising commercials of $10,000 were used. However, travel and lodging services were not provided. How should UVW account for advertising in its June 30 financial statements?

　　a.Not reported.

　　b.Revenue and expense is recognized when the agreement is complete.

　　c.Both the revenue and expense of $10,000 are recognized.

　　d.An asset and revenue for $10,000 is recognized.

　　Answer:D

　　Choice "D" is correct. Revenues should be recognized in the period in which they were earned and realized or realizable. Expenses are recognized when an entity's economic benefits are used up in delivering or producing goods, rendering services, or other activities that constitute its ongoing major or central operations. UVW provided advertising services but did not yet benefit from the travel or lodging.Choices "b", "c", and "a" are incorrect, per the above.

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