Question 1

Current operating expenses of a public college may be classified by which of the following?

Accepted Answer

A) Object classes 
B) Organizational Units 
C) Program functions 
D) All of the above 
E) Only B & C 
A) Object classes 
B) Organizational Units 
C) Program functions 
D) All of the above 
E) Only B & C

Question 2

In June 2012, a public university bills and collects $45 million in tuition for the summer semester that runs from June 1 through July 15.In addition, in May and June it bills $300 million for the fall semester that runs from September 1 through December 15.Of this amount it collects only $120 million expecting to collect the balance prior to September 1.In its statement of revenues and expenses for its year ending June 30, 2012 it should recognize as tuition revenue

Accepted Answer

A) $30 million 
B) $45 million 
C) $150 million 
D) $165 million 
A) $30 million 
B) $45 million 
C) $150 million 
D) $165 million

Question 3

During the year, Dakota University's board of trustees established a $500,000 fund to be retained and invested for scholarship grants.The fund earned $30,000, which had not been distributed by December 31.What amount should Dakota report in a Board designated quasi endowment fund's net assets at December 31?

Accepted Answer

A) $0 
B) $30,000 
C) $500,000 
D) $530,000 
A) $0 
B) $30,000 
C) $500,000 
D) $530,000

Question 4

Long lived assets held by public universities are carried at cost, or fair value if donated.

Accepted Answer

A) True 
 B)False

Question 5

Katerah College, a private college, received a $1 million donation.The donor specified that the principal of her gift could never be used for program activities but the earnings on the principal must be used to provide scholarships to academically qualified students in the business school.The $1 million gift would increase which of the following categories of net assets?

Accepted Answer

A) Unrestricted net assets. 
B) Temporarily restricted net assets. 
C) Permanently restricted net assets. 
D) Either b and c. 
A) Unrestricted net assets. 
B) Temporarily restricted net assets. 
C) Permanently restricted net assets. 
D) Either b and c.

Question 6

For a not-for-profit college or university, which of the following categories of net assets is NOT appropriate in its external financial statements?

Accepted Answer

A) Unrestricted net assets. 
B) Temporarily restricted net assets. 
C) Permanently restricted net assets. 
D) None.All of the above are appropriate. 
A) Unrestricted net assets. 
B) Temporarily restricted net assets. 
C) Permanently restricted net assets. 
D) None.All of the above are appropriate.

Question 7

Use the following information for Questions 
Lane College Foundation is governed by a board, some members of which are appointed by the President of Lane College and some of which are elected by the alumni.It was created to solicit and accept donations on behalf of Lane College, a private not-for-profit college.Lane College and its Foundation are deemed to be financially interrelated.All funds collected by the Foundation must be used to support activities of Lane College.The Foundation Board can select which activities of Lane College it supports.Lane Foundation received a $1 million bequest from the estate of a 1940 graduate.
-At the time the Foundation receives the donation, the Foundation should debit Cash for $1 million and credit what account for $1 million?

Accepted Answer

A) Unrestricted revenue. 
B) Temporarily restricted revenue. 
C) Liability. 
D) No entry should be made by the Foundation. 
A) Unrestricted revenue. 
B) Temporarily restricted revenue. 
C) Liability. 
D) No entry should be made by the Foundation.

Current operating expenses of a public college may be classified by which of the following?

Long lived assets held by public universities are carried at cost, or fair value if donated.

For a not-for-profit college or university, which of the following categories of net assets is NOT appropriate in its external financial statements?

The Government and Not-For-Profit Environment

Fund Accounting

Issues of Budgeting and Control

Recognizing Revenues in Governmental Funds

Recognizing Expenditures in Governmental Funds

Accounting for Capital Projects and Debt Service

Capital Assets and Investments in Marketable Securities

Long-Term Obligations

Business-Type Activities

Fiduciary Funds and Permanent Funds

Issues of Reporting, Disclosure, and Financial Analysis

Not-For-Profit Organizations

Health Care Providers

Managing for Results

Auditing Governments and Not-For-Profit Organizations

Federal Government Accounting

Filters

Exam 13: Colleges and Universities

Current operating expenses of a public college may be classified by which of the following?

Long lived assets held by public universities are carried at cost, or fair value if donated.

For a not-for-profit college or university, which of the following categories of net assets is NOT appropriate in its external financial statements?

The Government and Not-For-Profit Environment

Fund Accounting

Issues of Budgeting and Control

Recognizing Revenues in Governmental Funds

Recognizing Expenditures in Governmental Funds

Accounting for Capital Projects and Debt Service

Capital Assets and Investments in Marketable Securities

Long-Term Obligations

Business-Type Activities

Fiduciary Funds and Permanent Funds

Issues of Reporting, Disclosure, and Financial Analysis

Not-For-Profit Organizations

Health Care Providers

Managing for Results

Auditing Governments and Not-For-Profit Organizations

Federal Government Accounting

Filters