Exam 11: College and University Accounting

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According to GASB, with respect to public colleges and universities, pledges receivable are recognized as assets and revenues when eligibility requirements are met.

(True/False)

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Question 101

Identify the basis of accounting for 1) a private college or university and 2) a public college or university and what are the principal sources of reporting standards?

(Essay)

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Question 102

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

(True/False)

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Question 103

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

(Essay)

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Question 104

Which of the following is not true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college?

(Multiple Choice)

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Question 105

On December 1, 2016, St. Sebastian University received cash of $30,000 and a pledge for another $60,000 to be paid in 2017. The amounts are to establish a permanent endowment to provide scholarships for music majors. How should this event be recorded on December 31, 2016, assuming St. Sebastian is a private university?

(Short Answer)

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Question 106

A public college had tuition and fees of $21,000,000. Scholarships, for which no services were required, amounted to $2,500,000. Graduate assistantships, for which services were required, amounted to $1,600,000. The amount to be reported by the public college as net tuition and fees would be:

(Multiple Choice)

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Question 107

Most public colleges and universities report as general-purpose entities engaged in only business-type activities.

(True/False)

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Question 108

Pell Grants received by private colleges are classified as non-operating revenue.

(True/False)

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Question 109

When summer school classes at a university cover parts of two fiscal years, the revenues and expenses are

(Multiple Choice)

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Question 110

Which of the following is true of a Statement of Cash Flows for a private college or university?

(Multiple Choice)

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Question 111

Tuition revenue for summer classes spanning two fiscal periods must be recorded in the period when the drop date passes and refunds are no longer an option.

(True/False)

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Question 112

Private colleges are required to report residual equity in the following categories:

(Multiple Choice)

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Question 113

Showing 101 - 113 of 113

According to GASB, with respect to public colleges and universities, pledges receivable are recognized as assets and revenues when eligibility requirements are met.

Identify the basis of accounting for 1) a private college or university and 2) a public college or university and what are the principal sources of reporting standards?

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

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

Which of the following is not true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college?

A public college had tuition and fees of $21,000,000. Scholarships, for which no services were required, amounted to $2,500,000. Graduate assistantships, for which services were required, amounted to $1,600,000. The amount to be reported by the public college as net tuition and fees would be:

Most public colleges and universities report as general-purpose entities engaged in only business-type activities.

Pell Grants received by private colleges are classified as non-operating revenue.

When summer school classes at a university cover parts of two fiscal years, the revenues and expenses are

Which of the following is true of a Statement of Cash Flows for a private college or university?

Tuition revenue for summer classes spanning two fiscal periods must be recorded in the period when the drop date passes and refunds are no longer an option.

Private colleges are required to report residual equity in the following categories:

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, Interfund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Advanced Topics for State and Local Governments

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

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