Question 1

Which of the following is true regarding the Statement of Revenues,Expenses,and Changes in Net Assets for a public (government-owned)college?

Accepted Answer

A)  The modified accrual basis of accounting is used to determine the net increase or decrease in net assets. 
B)  Auxiliary enterprise activities represent revenues and expenses related to units of the college that provide services to students on a user fee basis. 
C)  Both of the above are true. 
D)  Neither of the above is true. 
A)  The modified accrual basis of accounting is used to determine the net increase or decrease in net assets. 
B)  Auxiliary enterprise activities represent revenues and expenses related to units of the college that provide services to students on a user fee basis. 
C)  Both of the above are true. 
D)  Neither of the above is true.

Question 2

What are the criteria outlined in GASB Statement 39:
 Determining Whether Certain Organizations Are Component Units for requiring public college foundations to be reported as discretely presented components in the college's financial reports?

Accepted Answer

1.The economic resources received or hel

Question 3

When is this revenue reportable on the financial statements for Northern?

Accepted Answer

A)  Fiscal year ended June 30, 2013. 
B)  Fiscal year ended June 30, 2012. 
C)  Half in 2012 and half in 2013. 
D)  Pro-rated between the two fiscal years based on the number of summer school days in each reporting period. 
A)  Fiscal year ended June 30, 2013. 
B)  Fiscal year ended June 30, 2012. 
C)  Half in 2012 and half in 2013. 
D)  Pro-rated between the two fiscal years based on the number of summer school days in each reporting period.

Question 4

Which of the following is a special-purpose government?

Accepted Answer

A)  Park district 
B)  Village government 
C)  Township government 
D)  City government 
A)  Park district 
B)  Village government 
C)  Township government 
D)  City government

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Public colleges do not have the power to issue debt; it must be issued by the state as general obligation debt.

Accepted Answer

A) True 
 B)False

Question 7

Special-purpose governments that are engaged in both governmental and business-type activities or in more than one governmental activity are required to include which items in its financial reporting?

Accepted Answer

MD&A Government-wide statement

Question 8

Which of the following is true regarding the Statement of Revenues,Expenses,and Changes in Net Assets for a public college?

Accepted Answer

A)  All student scholarship allowances should be reported as operating expenses. 
B)  An all-inclusive statement should be prepared, ending with the net assets at year-end. 
C)  Both of the above are true. 
D)  Neither of the above is true. 
A)  All student scholarship allowances should be reported as operating expenses. 
B)  An all-inclusive statement should be prepared, ending with the net assets at year-end. 
C)  Both of the above are true. 
D)  Neither of the above is true.

Question 9

GASB requires that educational institutions who engage in business-type activities and issue debt account for the debt by:

Accepted Answer

A)  Recording the debt service as an expenditure as it becomes due. 
B)  Recording the interest as an expense when it is due and payable. 
C)  Recording the principal net of any premium or discount when the debt is issued and expense the interest as it is paid. 
D)  Recording the interest expense on the accrual basis, including amortizing the premium or discount, if applicable. 
A)  Recording the debt service as an expenditure as it becomes due. 
B)  Recording the interest as an expense when it is due and payable. 
C)  Recording the principal net of any premium or discount when the debt is issued and expense the interest as it is paid. 
D)  Recording the interest expense on the accrual basis, including amortizing the premium or discount, if applicable.

Question 10

Southeastern State University has chosen to report as a public university reporting as a special purpose entity engaged only in business-type activities.Deferred Revenues were reported as of July 1,2011 in the amount of $7,600,000.Record the following transactions related to revenue recognition for the year ended June 30,2012.Include in the account titles the proper revenue classification (operating revenues,nonoperating revenues,etc.):

Accepted Answer

The answer of Southeastern State University has chosen to report...

Question 11

Which of the following is true regarding financial reporting of special-purpose entities?

Accepted Answer

A)  Special-purpose entities might be included as component units in a primary government's financial statements. 
B)  Special-purpose entities that engage in more than one governmental activity may prepare statements that combine government-wide and governmental fund statements. 
C)  Both of the above are true. 
D)  Neither of the above is true. 
A)  Special-purpose entities might be included as component units in a primary government's financial statements. 
B)  Special-purpose entities that engage in more than one governmental activity may prepare statements that combine government-wide and governmental fund statements. 
C)  Both of the above are true. 
D)  Neither of the above is true.

Question 12

Financial reporting for a special-purpose local government depends on whether that government is engaged in governmental-type,business-type or fiduciary-type activities.

Accepted Answer

A) True 
 B)False

Question 13

Public colleges who waive fees for graduate assistants must report tuition at the gross amount and expense the fees waived.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is true?

Accepted Answer

A)  Public educational institutions are to report tuition income net of scholarships while fees waived for graduate assistants are included in income and the fees waived are expensed. 
B)  Scholarship allowances for which no services are required are expensed. 
C)  Fees waived for graduate assistantships for which services are required are deducted directly from tuition revenue. 
D)  Revenues for summer sessions are recorded in deferred revenues and recorded as revenue when the semester ends. 
A)  Public educational institutions are to report tuition income net of scholarships while fees waived for graduate assistants are included in income and the fees waived are expensed. 
B)  Scholarship allowances for which no services are required are expensed. 
C)  Fees waived for graduate assistantships for which services are required are deducted directly from tuition revenue. 
D)  Revenues for summer sessions are recorded in deferred revenues and recorded as revenue when the semester ends.

Question 15

Special-purpose governments that are engaged in more than one governmental activity are required to use the full reporting model including MD&A,government-wide and fund-basis statements,notes to the financial statements and RSI.

Accepted Answer

A) True 
 B)False

Question 16

What are the required parts of the annual financial reports for special-purpose governments engaged only in fiduciary-type activities?

Accepted Answer

MD&A Statement of Fiduciary Ne

Question 17

Assume a government is a special-purpose entity engaged in fiduciary activities only.Which of the following financial statements would be required?

Accepted Answer

A)  Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets. 
B)  Statement of Net Assets and Statement of Activities. 
C)  Statement of Net Assets, Statement of Activities, Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets. 
D)  Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, and Statement of Cash Flows. 
A)  Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets. 
B)  Statement of Net Assets and Statement of Activities. 
C)  Statement of Net Assets, Statement of Activities, Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets. 
D)  Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, and Statement of Cash Flows.

Question 18

GASB Statement 35 extends the provisions of GASB Statement 34 to both public and private colleges and universities.

Accepted Answer

A) True 
 B)False

Question 19

What is the journal entry to record the graduate assistantships?

Accepted Answer

A)  Not recorded because it was deducted from tuition revenue before revenue it was recorded 
B)    
C)    
D)    
A)  Not recorded because it was deducted from tuition revenue before revenue it was recorded 
B)    
C)    
D)

Question 20

With respect to public colleges engaged in business-type activities,which of the following is not correct?

Accepted Answer

A)  GASB requirements for business-type activities of public colleges requires accrual account for debt, include accrual of interest and amortization of debt discount and premium. 
B)  Most public college foundations are required to be reported as discretely presented component units in the college's financial report. 
C)  Only amounts that are to paid by students and third-party payers can be shown as tuition and fee revenue net of any scholarship discounts and allowances. 
D)  All of the above are correct 
A)  GASB requirements for business-type activities of public colleges requires accrual account for debt, include accrual of interest and amortization of debt discount and premium. 
B)  Most public college foundations are required to be reported as discretely presented component units in the college's financial report. 
C)  Only amounts that are to paid by students and third-party payers can be shown as tuition and fee revenue net of any scholarship discounts and allowances. 
D)  All of the above are correct

Which of the following is true regarding the Statement of Revenues,Expenses,and Changes in Net Assets for a public (government-owned)college?

What are the criteria outlined in GASB Statement 39: Determining Whether Certain Organizations Are Component Units for requiring public college foundations to be reported as discretely presented components in the college's financial reports?

When is this revenue reportable on the financial statements for Northern?

Which of the following is a special-purpose government?

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

Public colleges do not have the power to issue debt; it must be issued by the state as general obligation debt.

Special-purpose governments that are engaged in both governmental and business-type activities or in more than one governmental activity are required to include which items in its financial reporting?

Which of the following is true regarding the Statement of Revenues,Expenses,and Changes in Net Assets for a public college?

GASB requires that educational institutions who engage in business-type activities and issue debt account for the debt by:

Which of the following is true regarding financial reporting of special-purpose entities?

Financial reporting for a special-purpose local government depends on whether that government is engaged in governmental-type,business-type or fiduciary-type activities.

Public colleges who waive fees for graduate assistants must report tuition at the gross amount and expense the fees waived.

Which of the following is true?

Special-purpose governments that are engaged in more than one governmental activity are required to use the full reporting model including MD&A,government-wide and fund-basis statements,notes to the financial statements and RSI.

What are the required parts of the annual financial reports for special-purpose governments engaged only in fiduciary-type activities?

Assume a government is a special-purpose entity engaged in fiduciary activities only.Which of the following financial statements would be required?

GASB Statement 35 extends the provisions of GASB Statement 34 to both public and private colleges and universities.

What is the journal entry to record the graduate assistantships?

With respect to public colleges engaged in business-type activities,which of the following is not correct?

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 Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters

Exam 9: Advanced Topics for State and Local Governments

Which of the following is true regarding the Statement of Revenues,Expenses,and Changes in Net Assets for a public (government-owned)college?

What are the criteria outlined in GASB Statement 39: Determining Whether Certain Organizations Are Component Units for requiring public college foundations to be reported as discretely presented components in the college's financial reports?

When is this revenue reportable on the financial statements for Northern?

Which of the following is a special-purpose government?

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

Public colleges do not have the power to issue debt; it must be issued by the state as general obligation debt.

Special-purpose governments that are engaged in both governmental and business-type activities or in more than one governmental activity are required to include which items in its financial reporting?

Which of the following is true regarding the Statement of Revenues,Expenses,and Changes in Net Assets for a public college?

GASB requires that educational institutions who engage in business-type activities and issue debt account for the debt by:

Which of the following is true regarding financial reporting of special-purpose entities?

Financial reporting for a special-purpose local government depends on whether that government is engaged in governmental-type,business-type or fiduciary-type activities.

Public colleges who waive fees for graduate assistants must report tuition at the gross amount and expense the fees waived.

Which of the following is true?

Special-purpose governments that are engaged in more than one governmental activity are required to use the full reporting model including MD&A,government-wide and fund-basis statements,notes to the financial statements and RSI.

What are the required parts of the annual financial reports for special-purpose governments engaged only in fiduciary-type activities?

Assume a government is a special-purpose entity engaged in fiduciary activities only.Which of the following financial statements would be required?

GASB Statement 35 extends the provisions of GASB Statement 34 to both public and private colleges and universities.

What is the journal entry to record the graduate assistantships?

With respect to public colleges engaged in business-type activities,which of the following is not correct?

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 Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters