Exam 9: Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Revenue for reimbursement grants may be recognized before expenditures take place as long as the grant has been awarded.

(True/False)

4.9/5

(44)

Question 41

Special purpose governments may be stand alone local governments or may be component units of other governments that are issuing separate reports.

(True/False)

4.9/5

(24)

Question 42

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?

(Multiple Choice)

4.9/5

(31)

Question 43

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

(Multiple Choice)

4.8/5

(42)

Question 44

Which of the following is true regarding the Statement of Revenues,Expenses and Changes in Net Assets for a public college reporting as a special purpose entity engaged in business type activities only?

(Multiple Choice)

4.9/5

(21)

Question 45

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

(True/False)

4.9/5

(28)

Question 46

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.

(True/False)

5.0/5

(35)

Question 47

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

(True/False)

4.9/5

(31)

Question 48

Special-purpose governments that are engaged in both governmental and business-type activities are required to use the full reporting model including MD&A,government-wide and fund-basis statements,notes to the financial statements and RSI.

(True/False)

4.9/5

(34)

Question 49

Which of the following statements is true regarding accounting and financial reporting for public colleges and universities?

(Multiple Choice)

4.8/5

(34)

Question 50

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

(True/False)

4.9/5

(32)

Question 51

Depending upon the circumstances,in practice public colleges and report as special purpose entities engaged in:

(Multiple Choice)

4.9/5

(31)

Question 52

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

(Multiple Choice)

4.9/5

(34)

Question 53

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

(True/False)

4.7/5

(33)

Question 54

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

(Multiple Choice)

4.9/5

(25)

Question 55

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

(Multiple Choice)

4.9/5

(29)

Question 56

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

(Essay)

4.9/5

(44)

Question 57

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

(Multiple Choice)

4.7/5

(40)

Question 58

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

(True/False)

4.8/5

(45)

Question 59

Public colleges and universities may choose to report as:

(Multiple Choice)

4.9/5

(26)

Question 60

Showing 41 - 60 of 105

Revenue for reimbursement grants may be recognized before expenditures take place as long as the grant has been awarded.

Special purpose governments may be stand alone local governments or may be component units of other governments that are issuing separate reports.

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?

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

Which of the following is true regarding the Statement of Revenues,Expenses and Changes in Net Assets for a public college reporting as a special purpose entity engaged in business type activities only?

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

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 both governmental and business-type activities are permitted to combine the fund and government-wide financial statements.

Special-purpose governments that are engaged in both governmental and business-type activities are required to use the full reporting model including MD&A,government-wide and fund-basis statements,notes to the financial statements and RSI.

Which of the following statements is true regarding accounting and financial reporting for public colleges and universities?

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

Depending upon the circumstances,in practice public colleges and report as special purpose entities engaged in:

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

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

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

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

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

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

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

Public colleges and universities may choose to report as:

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 Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters