USCPA每日一练之FAR【2015-12-10】

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

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

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

D. Not reported.

Answer:B

B is corrent because UVW has provided $10,000 in advertising services and has a receivable for the travel and lodging services.

A is incorrect because revenue should be recognized when the services are provided.

C is incorrect because the travel and lodging expense has not yet been incurred.

D is incorrect because exchange transactions are reported.

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