Question 1

A tuition waiver for a student who works as a graduate assistant is treated as a reduction in revenue.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is true of a Statement of Cash Flows for a private college or university?

Accepted Answer

A)  Either the direct or indirect method is acceptable. 
B)  Four categories are used: Operating, Capital Related Financing, Non-capital Related Financing, and Investing. 
C)  Cash flows must be presented separately for Unrestricted, Temporarily Restricted, and Permanently Restricted categories. 
D)  All of the above are true. 
A)  Either the direct or indirect method is acceptable. 
B)  Four categories are used: Operating, Capital Related Financing, Non-capital Related Financing, and Investing. 
C)  Cash flows must be presented separately for Unrestricted, Temporarily Restricted, and Permanently Restricted categories. 
D)  All of the above are true.

Question 3

An acceptable alternative to the Statement of Activities for a private college or university is to present a Statement of Unrestricted Revenues,Expenses and Other Changes in Unrestricted Net Assets and a Statement of Changes in Net Assets.

Accepted Answer

A) True 
 B)False

Question 4

If the receivable for a student is $8,000 and the student pays only $500 as the result of receiving an athletic scholarship from the school,what would be the appropriate debits

Accepted Answer

A)  Debit Cash. 
B)  Debit Cash and Debit Expense. 
C)  Debit Expense. 
D)  Debit Cash and Debit Tuition Discount on Accounts Receivable. 
A)  Debit Cash. 
B)  Debit Cash and Debit Expense. 
C)  Debit Expense. 
D)  Debit Cash and Debit Tuition Discount on Accounts Receivable.

Question 5

Private colleges and universities are required to report net assets within the categories of unrestricted,restricted and invested in capital assets net of related debt.

Accepted Answer

A) True 
 B)False

Question 6

According to the rules for accounting for colleges and universities under the jurisdiction of the FASB,investments in stock with determinable fair values and all debt securities are reported at market value.

Accepted Answer

A) True 
 B)False

Question 7

Universities treat athletic scholarships as a reduction in revenue.

Accepted Answer

A) True 
 B)False

Question 8

Student scholarships for which no service was required were applied to student accounts in the amount of $3,000.What is the journal entry to record this event?
A) Debit: Tuition discount-Unrestricted-Student aid $3,000 Credit: Accounts Receivable $3,000.
B) Debit: Scholarship Expense $3,000 Credit: Accounts Receivable $3,000.
C) Debit: Tuition waiver $3,000 Credit: Loan to student $3,000.
D) None of the above.

Accepted Answer

The answer of Student scholarships for which no service was...

Question 9

Under NACUBO guidelines,tuition waivers associated with student work study programs should be reported as:

Accepted Answer

A)  Expenses. 
B)  Decreases in Temporarily Restricted Net Assets. 
C)  Transfers. 
D)  Reductions in revenue. 
A)  Expenses. 
B)  Decreases in Temporarily Restricted Net Assets. 
C)  Transfers. 
D)  Reductions in revenue.

Question 10

Which of the following would not be considered a split-interest agreement,according to the Not-for-Profit Guide?

Accepted Answer

A)  Charitable remainder trusts. 
B)  Permanent income-sharing agreements. 
C)  Charitable gift annuities. 
D)  Pooled (life) income funds. 
A)  Charitable remainder trusts. 
B)  Permanent income-sharing agreements. 
C)  Charitable gift annuities. 
D)  Pooled (life) income funds.

Question 11

What is the basis of accounting for a private college or university and what are the principal sources of reporting standards?

Accepted Answer

Private colleges and universities use ac

Question 12

An alum pledges $10,000 to Greystone College in 2013 on the condition that matching funds are raised.The matching funds are raised 2014,how much revenue will Greystone College recognize in 2013? .

Accepted Answer

A)  $10,000. 
B)  $9,000. 
C)  $7,000. 
D)  $ 0. 
A)  $10,000. 
B)  $9,000. 
C)  $7,000. 
D)  $ 0.

Question 13

Which of the following is an example of a temporarily restricted revenue?

Accepted Answer

A)  Tuition and fees. 
B)  Auxiliary enterprises. 
C)  Contribution for plant acquisition. 
D)  Quasi- Endowment. 
A)  Tuition and fees. 
B)  Auxiliary enterprises. 
C)  Contribution for plant acquisition. 
D)  Quasi- Endowment.

Question 14

Museum and other inexhaustible collections held by a private college may or may not be capitalized and recorded in the accounts of a private college.

Accepted Answer

A) True 
 B)False

Question 15

A private college received a $2,000,000 gift from a donor.The college's governing board voted to use the $2,000,000 to establish an endowment,with the intent to keep the principal intact forever.The income from the endowment was to be used to fund research in the biology department.How should the college classify the $2,000,000 gift?

Accepted Answer

A)  Unrestricted. 
B)  Temporarily restricted. 
C)  Permanently restricted. 
D)  Either temporarily or permanently restricted. 
A)  Unrestricted. 
B)  Temporarily restricted. 
C)  Permanently restricted. 
D)  Either temporarily or permanently restricted.

Question 16

Private colleges and universities do not record depreciation expense.

Accepted Answer

A) True 
 B)False

Question 17

A tuition waiver for a student who works as a graduate assistant is treated as compensation expense.

Accepted Answer

A) True 
 B)False

Question 18

A Research grant program is a type of split-interest agreement.

Accepted Answer

A) True 
 B)False

Question 19

How should the income earned by a private college's endowment be classified?

Accepted Answer

How the income of endowments is classifi

Question 20

Public colleges and universities are subject to the standards issued by the GASB

Accepted Answer

A) True 
 B)False

A tuition waiver for a student who works as a graduate assistant is treated as a reduction in revenue.

Which of the following is true of a Statement of Cash Flows for a private college or university?

An acceptable alternative to the Statement of Activities for a private college or university is to present a Statement of Unrestricted Revenues,Expenses and Other Changes in Unrestricted Net Assets and a Statement of Changes in Net Assets.

If the receivable for a student is $8,000 and the student pays only $500 as the result of receiving an athletic scholarship from the school,what would be the appropriate debits

Private colleges and universities are required to report net assets within the categories of unrestricted,restricted and invested in capital assets net of related debt.

According to the rules for accounting for colleges and universities under the jurisdiction of the FASB,investments in stock with determinable fair values and all debt securities are reported at market value.

Universities treat athletic scholarships as a reduction in revenue.

Under NACUBO guidelines,tuition waivers associated with student work study programs should be reported as:

Which of the following would not be considered a split-interest agreement,according to the Not-for-Profit Guide?

What is the basis of accounting for a private college or university and what are the principal sources of reporting standards?

An alum pledges $10,000 to Greystone College in 2013 on the condition that matching funds are raised.The matching funds are raised 2014,how much revenue will Greystone College recognize in 2013? .

Which of the following is an example of a temporarily restricted revenue?

Museum and other inexhaustible collections held by a private college may or may not be capitalized and recorded in the accounts of a private college.

Private colleges and universities do not record depreciation expense.

A tuition waiver for a student who works as a graduate assistant is treated as compensation expense.

A Research grant program is a type of split-interest agreement.

How should the income earned by a private college's endowment be classified?

Public colleges and universities are subject to the standards issued by the GASB

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Trustfunds

Government-Wide Statements, Capital Assets, Long-Term Debt

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters

Exam 11: College and University Accounting Private Institutions

A tuition waiver for a student who works as a graduate assistant is treated as a reduction in revenue.

Which of the following is true of a Statement of Cash Flows for a private college or university?

An acceptable alternative to the Statement of Activities for a private college or university is to present a Statement of Unrestricted Revenues,Expenses and Other Changes in Unrestricted Net Assets and a Statement of Changes in Net Assets.

If the receivable for a student is $8,000 and the student pays only $500 as the result of receiving an athletic scholarship from the school,what would be the appropriate debits

Private colleges and universities are required to report net assets within the categories of unrestricted,restricted and invested in capital assets net of related debt.

According to the rules for accounting for colleges and universities under the jurisdiction of the FASB,investments in stock with determinable fair values and all debt securities are reported at market value.

Universities treat athletic scholarships as a reduction in revenue.

Under NACUBO guidelines,tuition waivers associated with student work study programs should be reported as:

Which of the following would not be considered a split-interest agreement,according to the Not-for-Profit Guide?

What is the basis of accounting for a private college or university and what are the principal sources of reporting standards?

An alum pledges $10,000 to Greystone College in 2013 on the condition that matching funds are raised.The matching funds are raised 2014,how much revenue will Greystone College recognize in 2013? .

Which of the following is an example of a temporarily restricted revenue?

Museum and other inexhaustible collections held by a private college may or may not be capitalized and recorded in the accounts of a private college.

Private colleges and universities do not record depreciation expense.

A tuition waiver for a student who works as a graduate assistant is treated as compensation expense.

A Research grant program is a type of split-interest agreement.

How should the income earned by a private college's endowment be classified?

Public colleges and universities are subject to the standards issued by the GASB

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Trustfunds

Government-Wide Statements, Capital Assets, Long-Term Debt

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters