Question 1

Universities treat athletic scholarships as a reduction in revenue.

Accepted Answer

A) True 
 B)False

Question 2

Inflows from self-supporting university operations,known as auxiliary enterprises,are classified as

Accepted Answer

A)  Unrestricted. 
B)  Temporarily Restricted. 
C)  Permanently Restricted. 
D)  Either A or B. 
A)  Unrestricted. 
B)  Temporarily Restricted. 
C)  Permanently Restricted. 
D)  Either A or B.

Question 3

Distinguish between (a)true endowments,(b)term endowments,and (c)quasi-endowments. Explain how the net assets of each is classified by a private college or university.

Accepted Answer

(a)True endowments represent contributio

Question 4

What accounts appear in the equity section of the balance sheet for a college,assuming the college is:
A.Public - government owned
B.Private not-for-profit
C.For Profit - Investor owned business

Accepted Answer

A.Net Position: Unrestricted,R

Question 5

A private university billed $20,000,000 in tuition and fees during an academic year. Graduate assistantships,for which services were required,were awarded in the amount of $1,200,000. Scholarships,for which no services were required,were awarded in the amount of $1,400,000. Provision for bad debt was estimated to be $2,000,000.The net tuition and fees that would be reported in the Statement of Activities would be:

Accepted Answer

A)  $18,000,000. 
B)  $16,800,000. 
C)  $16,600,000. 
D)  $15,400,000. 
A)  $18,000,000. 
B)  $16,800,000. 
C)  $16,600,000. 
D)  $15,400,000.

Universities treat athletic scholarships as a reduction in revenue.

Inflows from self-supporting university operations,known as auxiliary enterprises,are classified as

Distinguish between (a)true endowments,(b)term endowments,and (c)quasi-endowments. Explain how the net assets of each is classified by a private college or university.

What accounts appear in the equity section of the balance sheet for a college,assuming the college is: A.Public - government owned B.Private not-for-profit C.For Profit - Investor owned business

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 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

Universities treat athletic scholarships as a reduction in revenue.

Inflows from self-supporting university operations,known as auxiliary enterprises,are classified as

Distinguish between (a)true endowments,(b)term endowments,and (c)quasi-endowments. Explain how the net assets of each is classified by a private college or university.

What accounts appear in the equity section of the balance sheet for a college,assuming the college is: A.Public - government owned B.Private not-for-profit C.For Profit - Investor owned business

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 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