Question 1

Loan assets represent loans made by a university to an external organization, and would be recorded by debiting Investments.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following statements is True regarding generally accepted accounting principles (GAAP) for colleges and universities?

Accepted Answer

A)  The FASB has set standards for private and public colleges and universities from the time of its inception in 1974. 
B)  The National Association of Colleges and University Business Officers (NACUBO) provides category (b) accounting principles under the FASB GAAP hierarchy. 
C)  Public and private colleges and universities are subject to the requirements in the AICPA audit and accounting guide for Not-for-Profit Entities. 
D)  The GASB is responsible for establishing GAAP for public colleges and universities. 
A)  The FASB has set standards for private and public colleges and universities from the time of its inception in 1974. 
B)  The National Association of Colleges and University Business Officers (NACUBO) provides category (b) accounting principles under the FASB GAAP hierarchy. 
C)  Public and private colleges and universities are subject to the requirements in the AICPA audit and accounting guide for Not-for-Profit Entities. 
D)  The GASB is responsible for establishing GAAP for public colleges and universities.

Question 3

A private college would report which of the following assets differently than a public college?

Accepted Answer

A)  Land. 
B)  Intangible assets. 
C)  Collections. 
D)  Equipment. 
A)  Land. 
B)  Intangible assets. 
C)  Collections. 
D)  Equipment.

Loan assets represent loans made by a university to an external organization, and would be recorded by debiting Investments.

Which of the following statements is True regarding generally accepted accounting principles (GAAP) for colleges and universities?

A private college would report which of the following assets differently than a public college?

Introduction to Accounting and Financial Reporting for Government and Not-for-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for Governmental Operating Activities–Illustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-type Activities of State and Local Governments

Accounting for Fiduciary Activities—Custodial and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Government Financial Performance

Auditing of Government and Not-for-Profit Organizations

Budgeting and Performance Measurement

Not-for-Profit Organizations—Regulatory, Taxation, and Performance Issues

Accounting for Not-for-Profit Organizations

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

Filters

Exam 15: Accounting for Colleges and Universities

Loan assets represent loans made by a university to an external organization, and would be recorded by debiting Investments.

Which of the following statements is True regarding generally accepted accounting principles (GAAP) for colleges and universities?

A private college would report which of the following assets differently than a public college?

Introduction to Accounting and Financial Reporting for Government and Not-for-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for Governmental Operating Activities–Illustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-type Activities of State and Local Governments

Accounting for Fiduciary Activities—Custodial and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Government Financial Performance

Auditing of Government and Not-for-Profit Organizations

Budgeting and Performance Measurement

Not-for-Profit Organizations—Regulatory, Taxation, and Performance Issues

Accounting for Not-for-Profit Organizations

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

Filters