Question 1

Sometimes,but not always public colleges are included as component units in the state CAFR.

Accepted Answer

A) True 
 B)False

Question 2

Public colleges and universities follow __________ guidelines while private colleges and universities follow ________ guidelines.

Accepted Answer

A)  GAO, FASB. 
B)  FASB, GAO. 
C)  FASB, GASB. 
D)  GASB, FASB. 
A)  GAO, FASB. 
B)  FASB, GAO. 
C)  FASB, GASB. 
D)  GASB, FASB.

Question 3

Public colleges must report tuition income net of athletic scholarships.

Accepted Answer

A) True 
 B)False

Question 4

For financial reporting purposes,governmental health care entities,public school systems,other not-for-profit entities and public colleges and universities may be considered to be special-purpose entities.

Accepted Answer

A) True 
 B)False

Question 5

Public colleges and universities are allowed to choose,to report as special purpose entities engaged in:

Accepted Answer

A)  business-type activities only. 
B)  both governmental and business-type activities. 
C)  governmental activities only. 
D)  any one of the above. 
A)  business-type activities only. 
B)  both governmental and business-type activities. 
C)  governmental activities only. 
D)  any one of the above.

Question 6

Northwest State University had the following account balances as of June 30,2012.Debits are not distinguished from credits,so assume all accounts have a "normal" balance (i.e.cash is a debit and accounts payable a credit).
   Required:
 Prepare,in good form,a Statement of Net Assets for Northwest State University as of June 30,2012.

Accepted Answer

The answer of Northwest State University had the following account...

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 all of the following in its financial statements except?

Accepted Answer

A)  Required supplementary Information 
B)  Fund basis financial statements 
C)  Government-wide financial statements 
D)  Two year budgetary comparison 
A)  Required supplementary Information 
B)  Fund basis financial statements 
C)  Government-wide financial statements 
D)  Two year budgetary comparison

Question 8

Park districts and village government are examples of special-purpose local governments.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A)  A reconciliation is required, reconciling operating income in the Statement of Revenues, Expenses, and Changes in Net Assets to the cash flows provided (used) by operating activities. 
B)  All purchases of capital assets are reported as outflows in the investing activities section. 
C)  Both of the above are true. 
D)  Neither of the above is true. 
A)  A reconciliation is required, reconciling operating income in the Statement of Revenues, Expenses, and Changes in Net Assets to the cash flows provided (used) by operating activities. 
B)  All purchases of capital assets are reported as outflows in the investing activities section. 
C)  Both of the above are true. 
D)  Neither of the above is true.

Question 10

GASB Statement 39: Determining Whether Certain Organizations Are Component Units applies to all of the following except:

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 11

What is the difference between a component unit and a special purpose local government?

Accepted Answer

Special purpose local governments may be

Question 12

Public colleges and universities account for revenue bonds using the expenditure method.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

(any 3 of each)Gener

Question 14

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

Accepted Answer

A)  Tuition revenues are reported net of tuition waivers only when those waivers do not require service on the part of the recipient student. 
B)  Depreciation expense is not recognized. 
C)  Both of the above are true. 
D)  Neither of the above is true. 
A)  Tuition revenues are reported net of tuition waivers only when those waivers do not require service on the part of the recipient student. 
B)  Depreciation expense is not recognized. 
C)  Both of the above are true. 
D)  Neither of the above is true.

Question 15

The implementation guide for GASB Statement 34 provides a distinction by indicating that "general purpose governments are thought to be those that offer more than one type of basic governmental service."

Accepted Answer

A) True 
 B)False

Question 16

Public higher education institutions are allowed to report as special-purpose entities engaged in governmental and business-type activities or in governmental-type activities only.

Accepted Answer

A) True 
 B)False

Question 17

According to GASB Statement 33,with respect to public colleges and universities,pledges receivable are recognized as assets and revenues when the pledge is made.

Accepted Answer

A) True 
 B)False

Question 18

Public colleges who waive fees for graduate assistants must report tuition income net of the fees waived.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A)  Cash received for interest is reported as an increase in cash flows from investing activities. 
B)  Cash paid for interest is reported as a decrease in cash flows from either noncapital or capital and related financing activities. 
C)  Both of the above are true. 
D)  Neither of the above is true 
A)  Cash received for interest is reported as an increase in cash flows from investing activities. 
B)  Cash paid for interest is reported as a decrease in cash flows from either noncapital or capital and related financing activities. 
C)  Both of the above are true. 
D)  Neither of the above is true

Question 20

Reimbursement grants require that the appropriate expenditure be made before the revenue can be recognized.

Accepted Answer

A) True 
 B)False

Sometimes,but not always public colleges are included as component units in the state CAFR.

Public colleges and universities follow __ guidelines while private colleges and universities follow guidelines.

Public colleges must report tuition income net of athletic scholarships.

For financial reporting purposes,governmental health care entities,public school systems,other not-for-profit entities and public colleges and universities may be considered to be special-purpose entities.

Public colleges and universities are allowed to choose,to report as special purpose entities engaged in:

Special-purpose governments that are engaged in both governmental and business-type activities or in more than one governmental activity are required to include all of the following in its financial statements except?

Park districts and village government are examples of special-purpose local governments.

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

GASB Statement 39: Determining Whether Certain Organizations Are Component Units applies to all of the following except:

What is the difference between a component unit and a special purpose local government?

Public colleges and universities account for revenue bonds using the expenditure method.

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

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

The implementation guide for GASB Statement 34 provides a distinction by indicating that "general purpose governments are thought to be those that offer more than one type of basic governmental service."

Public higher education institutions are allowed to report as special-purpose entities engaged in governmental and business-type activities or in governmental-type activities only.

According to GASB Statement 33,with respect to public colleges and universities,pledges receivable are recognized as assets and revenues when the pledge is made.

Public colleges who waive fees for graduate assistants must report tuition income net of the fees waived.

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

Reimbursement grants require that the appropriate expenditure be made before the revenue can be recognized.

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

Sometimes,but not always public colleges are included as component units in the state CAFR.

Public colleges and universities follow __________ guidelines while private colleges and universities follow ________ guidelines.

Public colleges must report tuition income net of athletic scholarships.

For financial reporting purposes,governmental health care entities,public school systems,other not-for-profit entities and public colleges and universities may be considered to be special-purpose entities.

Public colleges and universities are allowed to choose,to report as special purpose entities engaged in:

Special-purpose governments that are engaged in both governmental and business-type activities or in more than one governmental activity are required to include all of the following in its financial statements except?

Park districts and village government are examples of special-purpose local governments.

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

GASB Statement 39: Determining Whether Certain Organizations Are Component Units applies to all of the following except:

What is the difference between a component unit and a special purpose local government?

Public colleges and universities account for revenue bonds using the expenditure method.

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

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

The implementation guide for GASB Statement 34 provides a distinction by indicating that "general purpose governments are thought to be those that offer more than one type of basic governmental service."

Public higher education institutions are allowed to report as special-purpose entities engaged in governmental and business-type activities or in governmental-type activities only.

According to GASB Statement 33,with respect to public colleges and universities,pledges receivable are recognized as assets and revenues when the pledge is made.

Public colleges who waive fees for graduate assistants must report tuition income net of the fees waived.

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

Reimbursement grants require that the appropriate expenditure be made before the revenue can be recognized.

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

Public colleges and universities follow __ guidelines while private colleges and universities follow guidelines.