Exam 9: Advanced Topics for State and Local Governments

Tuition waived for work-study and graduate assistants is deducted from student fee revenue when preparing a Statement of Revenues,Expenses,and Changes in Net Assets.

Special-purpose governments that are engaged in both governmental and business-type activities are permitted to combine the fund and government-wide financial statements.

GASB categorizes general state appropriation as operating revenue for public colleges and universities.

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

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

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

Public colleges typically report as special-purpose entities engaged only in governmental-type activities.

Which of the following is not a special-purpose government?

Which of the following would not be considered a special-purpose government for financial reporting purposes?

According to GASB Statement No.34,"General-purpose governments are thought to be those that offer more than one type of basic governmental service".

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 only one governmental-type activity are permitted to combine the fund and government-wide financial statements.

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

Special-purpose governmental entities that are engaged in a single business activity are not required to prepare government-wide financial statements,but may issue only enterprise fund statements.

Special purpose local governments engaged only in fiduciary-type activities are required to prepare all of the following except:

Public colleges and universities are required to report as special purpose entities engaged in both governmental- and business-type activities because they receive tax dollars and charge user fees.

General state appropriations are treated as nonoperating revenue of public colleges and universities.

Public colleges must depreciate infrastructure and may not use the modified approach.

Which of the following statements is (are)true regarding public colleges and universities choosing to report as special-purpose entities engaged in business-type activities only?

Public colleges and universities may choose to report as: