Question 1

Which of the following statements is true regarding generally accepted accounting principles (GAAP)for colleges and universities?

Accepted Answer

A) The FASB has set standards for private and public colleges and universities from the time of its inception in 1974. 
B) The National Association of Colleges and University Business Officers (NACUBO)only recently began to play a role in establishing accounting and reporting standards for colleges and universities. 
C) Public and private colleges and universities must comply with the 1973 AICPA Audit and Accounting Guide Audits of Colleges and Universities for financial reporting. 
D) The GASB is responsible for establishing GAAP for public colleges and universities. 
A) The FASB has set standards for private and public colleges and universities from the time of its inception in 1974. 
B) The National Association of Colleges and University Business Officers (NACUBO)only recently began to play a role in establishing accounting and reporting standards for colleges and universities. 
C) Public and private colleges and universities must comply with the 1973 AICPA Audit and Accounting Guide Audits of Colleges and Universities for financial reporting. 
D) The GASB is responsible for establishing GAAP for public colleges and universities.

Question 2

Tuition scholarships for which there is no intention of collection from the student should be classified by a private university as

Accepted Answer

A) Reductions of gross revenue to arrive at net revenue. 
B) Revenues and expenditures. 
C) Revenues and expenses. 
D) Reductions of gross revenue or as expenses,provided they are consistently classified in the same manner from year to year. 
A) Reductions of gross revenue to arrive at net revenue. 
B) Revenues and expenditures. 
C) Revenues and expenses. 
D) Reductions of gross revenue or as expenses,provided they are consistently classified in the same manner from year to year.

Question 3

Cactus College,a small private college,received a research grant from NACUBO to study whether service efforts and accomplishments measures improve institutional performance.Under the provisions of SFAS No.116 the grant would be reported as an increase in:

Accepted Answer

A) Unrestricted net assets. 
B) Temporarily restricted net assets. 
C) Permanently restricted net assets. 
D) The fund balance of restricted current funds. 
A) Unrestricted net assets. 
B) Temporarily restricted net assets. 
C) Permanently restricted net assets. 
D) The fund balance of restricted current funds.

Question 4

Which of the following is not a classification of revenues for a college or university as recommended by the National Association of College and University Business Officers (NACUBO)?

Accepted Answer

A) Athletic ticket sales. 
B) Federal appropriations. 
C) Sales and services of educational activities. 
D) Private gifts. 
A) Athletic ticket sales. 
B) Federal appropriations. 
C) Sales and services of educational activities. 
D) Private gifts.

Question 5

Culver City College,a public college,has a 10-week summer session that starts on June 25,2011,so that one week is held during FY 2011 and the other nine weeks meet during FY 2012.Tuition and fees in the amount of $1,000,000 were collected from students for classes to be conducted in this session.What amount should Culver City College recognize as unrestricted revenue in each of the years ended June 30,2011 and June 30,2012.

Accepted Answer

A) Choice A 
B) Choice B 
C) Choice C 
D) Choice D 
A) Choice A 
B) Choice B 
C) Choice C 
D) Choice D

Question 6

GASB accounting and reporting standards applicable to public colleges and universities

Accepted Answer

A) Are now the same as FASB standards to permit comparability between public and private colleges and universities. 
B) Permit public colleges and universities to use the AICPA model which differs substantially from the reporting model used by private colleges and universities subject to FASB jurisdiction. 
C) Permit public colleges and universities to optionally follow FASB standards. 
D) Differ in some significant ways from FASB standards applicable to private colleges and universities. 
A) Are now the same as FASB standards to permit comparability between public and private colleges and universities. 
B) Permit public colleges and universities to use the AICPA model which differs substantially from the reporting model used by private colleges and universities subject to FASB jurisdiction. 
C) Permit public colleges and universities to optionally follow FASB standards. 
D) Differ in some significant ways from FASB standards applicable to private colleges and universities.

Which of the following statements is true regarding generally accepted accounting principles (GAAP)for colleges and universities?

Tuition scholarships for which there is no intention of collection from the student should be classified by a private university as

Cactus College,a small private college,received a research grant from NACUBO to study whether service efforts and accomplishments measures improve institutional performance.Under the provisions of SFAS No.116 the grant would be reported as an increase in:

Which of the following is not a classification of revenues for a college or university as recommended by the National Association of College and University Business Officers (NACUBO)?

GASB accounting and reporting standards applicable to public colleges and universities

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activities Agency and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizations Regulatory, taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting and Reporting for the Federal Government

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Exam 16: Accounting for Health Care Organizations

Which of the following statements is true regarding generally accepted accounting principles (GAAP)for colleges and universities?

Tuition scholarships for which there is no intention of collection from the student should be classified by a private university as

Cactus College,a small private college,received a research grant from NACUBO to study whether service efforts and accomplishments measures improve institutional performance.Under the provisions of SFAS No.116 the grant would be reported as an increase in:

Which of the following is not a classification of revenues for a college or university as recommended by the National Association of College and University Business Officers (NACUBO)?

GASB accounting and reporting standards applicable to public colleges and universities

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activities Agency and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizations Regulatory, taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting and Reporting for the Federal Government

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