Question 1

Which of the following is true regarding the Statement of Cash Flows for a public college?

Accepted Answer

A)  The indirect method must be used. 
B)  The statement is in the same format required for state and local governmental enterprise funds. 
C)  Both of the above are true. 
D)  Neither of the above is true. 
A)  The indirect method must be used. 
B)  The statement is in the same format required for state and local governmental enterprise funds. 
C)  Both of the above are true. 
D)  Neither of the above is true.

Question 2

Which of the following is not true regarding the Statement of Revenues,Expenses,and Changes in Net Position for a public college?

Accepted Answer

A)  Tuition revenues are reported net of tuition waivers when those waivers require service on the part of the recipient student. 
B)  Tuition fees waived by the institution in return for services provided by employees and student assistants are shown as expenses. 
C)  Interest expense is accrued and bond premiums and discounts are amortized. 
D)  None of the above. 
A)  Tuition revenues are reported net of tuition waivers when those waivers require service on the part of the recipient student. 
B)  Tuition fees waived by the institution in return for services provided by employees and student assistants are shown as expenses. 
C)  Interest expense is accrued and bond premiums and discounts are amortized. 
D)  None of the above.

Question 3

Which of the following is true with respect to public four-year higher education institutions (public colleges)?

Accepted Answer

A)  Revenue sources for public colleges include tuition and fees, state appropriations and donations. All other income is reported as unrelated business income. 
B)  Many institutions have most of their restricted resources managed by related entities, known as foundations. 
C)  No public colleges have the power to issue debt; it must be issued by the state as general obligation debt. 
D)  Public colleges may not choose to report as special-purpose entities engaged only in business-type activities. 
A)  Revenue sources for public colleges include tuition and fees, state appropriations and donations. All other income is reported as unrelated business income. 
B)  Many institutions have most of their restricted resources managed by related entities, known as foundations. 
C)  No public colleges have the power to issue debt; it must be issued by the state as general obligation debt. 
D)  Public colleges may not choose to report as special-purpose entities engaged only in business-type activities.

Question 4

List three examples (types)of general-purpose state or local governments and three special-purpose local governments.

Accepted Answer

(any 3 of each)
General -purpose state o

Question 5

Public higher education institutions that report as special-purpose entities engaged in business-type activities only are still required to prepare a Management's Discussion and Analysis.

Accepted Answer

A) True 
 B)False

Question 6

GASB requirements for business-type activities of public colleges requires accrual of interest and amortization of debt discount and premium.

Accepted Answer

A) True 
 B)False

Question 7

State appropriations for higher education institutions are to be reported as nonoperating revenues in the Statement of Revenues,Expenses,and Changes in Net Position.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following groups would not be considered a component unit of a special-purpose government,for the purposes of applying GASB Statement 39: Determining Whether Certain Organizations Are Component Units?

Accepted Answer

A)  General governments. 
B)  Booster clubs. 
C)  Museums. 
D)  Health care entities. 
A)  General governments. 
B)  Booster clubs. 
C)  Museums. 
D)  Health care entities.

Question 9

The following data applies to the next two questions.
•Northern University has a fiscal year end of June 30.
•In June 2015, tuition and fees of $1,200,000 was assessed for the summer term that runs from June 1, 2015 through August 31, 2015. $1,200,000 was collected on June 1, 2015.
-When is this revenue reportable on the financial statements for Northern?
2015 2016

Accepted Answer

A)  $ 1,200,000 0 
B)  $ 0 1,200,000 
C)  $ 600,000 600,000 
D)  $ 400,000 800,000 
A)  $ 1,200,000 0 
B)  $ 0 1,200,000 
C)  $ 600,000 600,000 
D)  $ 400,000 800,000

Question 10

GASB Statement 39:
 Determining Whether Certain Organizations Are Component Units requires most public college foundations to be reported as discretely presented component units in the college's financial reports.

Accepted Answer

A) True 
 B)False

Question 11

Special-purpose governments that are engaged in more than one governmental activity are permitted to combine the fund and government-wide financial statements.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is not required for a special-purpose local government engaged in only fiduciary type activities?

Accepted Answer

A)  Statement of Fiduciary Net position 
B)  Statement of Fiduciary Cash Flows 
C)  Notes to the Financial Statements 
D)  Required Supplementary Information other than MD&A 
A)  Statement of Fiduciary Net position 
B)  Statement of Fiduciary Cash Flows 
C)  Notes to the Financial Statements 
D)  Required Supplementary Information other than MD&A

Question 13

Public colleges and universities account for revenue bonds using the accrual method to account for interest and amortization of premiums and discounts.

Accepted Answer

A) True 
 B)False

Question 14

GASB standards permit exercise of judgment when determining whether a government is general-purpose or special-purpose.

Accepted Answer

A) True 
 B)False

Question 15

Tuition waived for academic and athletic scholarships decreases student fee revenue when preparing a Statement of Revenues,Expenses,and Changes in Net Position.

Accepted Answer

A) True 
 B)False

Question 16

A special-purpose government engaged in business-type activities financed in whole or part by fees charged to external parties are usually reported in fiduciary funds.

Accepted Answer

A) True 
 B)False

Question 17

General-purpose governments are those that offer more than one type of basic governmental service,while special-purpose entities generally provide a limited,or single,set of programs or services.

Accepted Answer

A) True 
 B)False

Question 18

A fire protection district is an example of special-purpose local government.

Accepted Answer

A) True 
 B)False

Question 19

A public college had tuition and fees for the year ended June 30,2015 in the amount of $45,000,000. Scholarships,for which no services were required,amounted to $4,800,000. Graduate assistantships,for which services were required,amounted to $2,300,000. The amount to be reported by the college for net tuition and fee revenue would be:

Accepted Answer

A)  $37,900,000. 
B)  $40,200,000. 
C)  $42,700,000. 
D)  $45,000,000. 
A)  $37,900,000. 
B)  $40,200,000. 
C)  $42,700,000. 
D)  $45,000,000.

Question 20

Special-purpose governments generally provide a single or limited set of governmental services or programs.

Accepted Answer

A) True 
 B)False

Which of the following is true regarding the Statement of Cash Flows for a public college?

Which of the following is not true regarding the Statement of Revenues,Expenses,and Changes in Net Position for a public college?

Which of the following is true with respect to public four-year higher education institutions (public colleges)?

List three examples (types)of general-purpose state or local governments and three special-purpose local governments.

Public higher education institutions that report as special-purpose entities engaged in business-type activities only are still required to prepare a Management's Discussion and Analysis.

GASB requirements for business-type activities of public colleges requires accrual of interest and amortization of debt discount and premium.

State appropriations for higher education institutions are to be reported as nonoperating revenues in the Statement of Revenues,Expenses,and Changes in Net Position.

Which of the following groups would not be considered a component unit of a special-purpose government,for the purposes of applying GASB Statement 39: Determining Whether Certain Organizations Are Component Units?

GASB Statement 39: Determining Whether Certain Organizations Are Component Units requires most public college foundations to be reported as discretely presented component units in the college's financial reports.

Special-purpose governments that are engaged in more than one governmental activity are permitted to combine the fund and government-wide financial statements.

Which of the following is not required for a special-purpose local government engaged in only fiduciary type activities?

Public colleges and universities account for revenue bonds using the accrual method to account for interest and amortization of premiums and discounts.

GASB standards permit exercise of judgment when determining whether a government is general-purpose or special-purpose.

Tuition waived for academic and athletic scholarships decreases student fee revenue when preparing a Statement of Revenues,Expenses,and Changes in Net Position.

A special-purpose government engaged in business-type activities financed in whole or part by fees charged to external parties are usually reported in fiduciary funds.

General-purpose governments are those that offer more than one type of basic governmental service,while special-purpose entities generally provide a limited,or single,set of programs or services.

A fire protection district is an example of special-purpose local government.

Special-purpose governments generally provide a single or limited set of governmental services or programs.

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 Funds, Inter-fund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters

Exam 9: Accounting for Special-Purpose Entities Including Public Colleges and Universities

Which of the following is true regarding the Statement of Cash Flows for a public college?

Which of the following is not true regarding the Statement of Revenues,Expenses,and Changes in Net Position for a public college?

Which of the following is true with respect to public four-year higher education institutions (public colleges)?

List three examples (types)of general-purpose state or local governments and three special-purpose local governments.

Public higher education institutions that report as special-purpose entities engaged in business-type activities only are still required to prepare a Management's Discussion and Analysis.

GASB requirements for business-type activities of public colleges requires accrual of interest and amortization of debt discount and premium.

State appropriations for higher education institutions are to be reported as nonoperating revenues in the Statement of Revenues,Expenses,and Changes in Net Position.

Which of the following groups would not be considered a component unit of a special-purpose government,for the purposes of applying GASB Statement 39: Determining Whether Certain Organizations Are Component Units?

GASB Statement 39: Determining Whether Certain Organizations Are Component Units requires most public college foundations to be reported as discretely presented component units in the college's financial reports.

Special-purpose governments that are engaged in more than one governmental activity are permitted to combine the fund and government-wide financial statements.

Which of the following is not required for a special-purpose local government engaged in only fiduciary type activities?

Public colleges and universities account for revenue bonds using the accrual method to account for interest and amortization of premiums and discounts.

GASB standards permit exercise of judgment when determining whether a government is general-purpose or special-purpose.

Tuition waived for academic and athletic scholarships decreases student fee revenue when preparing a Statement of Revenues,Expenses,and Changes in Net Position.

A special-purpose government engaged in business-type activities financed in whole or part by fees charged to external parties are usually reported in fiduciary funds.

General-purpose governments are those that offer more than one type of basic governmental service,while special-purpose entities generally provide a limited,or single,set of programs or services.

A fire protection district is an example of special-purpose local government.

Special-purpose governments generally provide a single or limited set of governmental services or programs.

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 Funds, Inter-fund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters