Question 1

For private colleges and universities,reclassifications of temporarily restricted and unrestricted net assets could be made:

Accepted Answer

A)  For satisfaction of purpose restrictions. 
B)  When time restrictions expire. 
C)  If the resources donated for fixed assets have been expended on such assets. 
D)  All of the above. 
A)  For satisfaction of purpose restrictions. 
B)  When time restrictions expire. 
C)  If the resources donated for fixed assets have been expended on such assets. 
D)  All of the above.

Question 2

Which of the following is true of a Statement of Activities prepared for a private college or university?

Accepted Answer

A)  All expenses are shown as unrestricted. 
B)  Reclassifications from unrestricted to permanently restricted net assets are reported when the governing board designates unrestricted funds for permanent investment in the endowment. 
C)  Only realized gains or losses on investments are reported. 
D)  All of the above are true. 
A)  All expenses are shown as unrestricted. 
B)  Reclassifications from unrestricted to permanently restricted net assets are reported when the governing board designates unrestricted funds for permanent investment in the endowment. 
C)  Only realized gains or losses on investments are reported. 
D)  All of the above are true.

Question 3

Which of the following student tuition or fee reductions should be listed as a reduction in revenue?

Accepted Answer

A)  Graduate Assistantships. 
B)  Athletic or Academic Scholarships. 
C)  Work-Study Programs. 
D)  None of the Above. 
A)  Graduate Assistantships. 
B)  Athletic or Academic Scholarships. 
C)  Work-Study Programs. 
D)  None of the Above.

Question 4

Private,Not-for-Profit Colleges and Universities must have Statement of Financial Position,Statement of Activities,Statement of Cash Flows,and Notes to the Financial Statements included in their financial report.

Accepted Answer

A) True 
 B)False

Question 5

According to the rules for accounting for colleges and universities under the jurisdiction of the FASB,multiyear pledges are recorded as restricted revenue for the present value pledge (net of estimates for uncollectible amounts)when the pledge is made.

Accepted Answer

A) True 
 B)False

For private colleges and universities,reclassifications of temporarily restricted and unrestricted net assets could be made:

Which of the following is true of a Statement of Activities prepared for a private college or university?

Which of the following student tuition or fee reductions should be listed as a reduction in revenue?

Private,Not-for-Profit Colleges and Universities must have Statement of Financial Position,Statement of Activities,Statement of Cash Flows,and Notes to the Financial Statements included in their financial report.

According to the rules for accounting for colleges and universities under the jurisdiction of the FASB,multiyear pledges are recorded as restricted revenue for the present value pledge (net of estimates for uncollectible amounts)when the pledge is made.

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

For private colleges and universities,reclassifications of temporarily restricted and unrestricted net assets could be made:

Which of the following is true of a Statement of Activities prepared for a private college or university?

Which of the following student tuition or fee reductions should be listed as a reduction in revenue?

Private,Not-for-Profit Colleges and Universities must have Statement of Financial Position,Statement of Activities,Statement of Cash Flows,and Notes to the Financial Statements included in their financial report.

According to the rules for accounting for colleges and universities under the jurisdiction of the FASB,multiyear pledges are recorded as restricted revenue for the present value pledge (net of estimates for uncollectible amounts)when the pledge is made.

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