USCPA每日一练之FAR【2015-11-9】

高顿网校2015-11-09 18:01Lynn.yu
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　　A company received royalties from the assignment of patents to other enterprises. In the period in which the royalties are earned, the royalties should be

　　A. Reported as revenue.

　　B. Amortized to income over the remaining useful life of the patent.

　　C. Subtracted from the capitalizable cost of the patent.

　　D. Netted against patent amortization expense.

　　Answer:A

　　A is corrent. Per SFAC 5, revenues are considered to be "earned" when the entity has substantially completed the duties entitling it to the benefits represented by the revenues. When a company assigns patents to other enterprises, it earns royalties as the sales of patented products are made. Therefore, these royalties should be reported as revenue in the period in which they are earned.

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