Question 1

Which of the following is true?

Accepted Answer

A)  Tuition and fees charged are included in income and the fees waived for graduate assistants 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)  Tuition and fees charged are included in income and the fees waived for graduate assistants 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 2

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 3

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)  Cash purchases of capital assets are reported as outflows in the capital related financing 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)  Cash purchases of capital assets are reported as outflows in the capital related financing activities section. 
C)  Both of the above are true. 
D)  Neither of the above is true.

Question 4

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

Question 5

Northwest State University had the following account balances as of June 30,2014.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 30,2014.

Accepted Answer

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

Question 6

City and county governments are typically classified as special purpose governments.

Accepted Answer

A) True 
 B)False

Question 7

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 8

GASB standards permit exercise of judgment when determining whether a government is general-purpose or special-purpose.

Accepted Answer

A) True 
 B)False

Question 9

The following information applies to the next three questions:
Tuition and fees for the Northern University was assessed at $21,000,000. Scholarship allowances, for which no services are required, were $1,700,000 and graduate assistantships, for which services are required, were $900,000.
-What is the journal entry to record the scholarship allowances?

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 10

Public higher education institutions that report as special-purpose entities engaged in business-type activities only are still required to prepare a Management's Discussion and Analysis.

Accepted Answer

A) True 
 B)False

Question 11

A special-purpose government engaged in business-type activities financed in whole or part by fees charged to external parties are usually reported in fiduciary funds.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following groups would not be considered a component unit of a special-purpose government,for the purposes of applying GASB Statement 39: Determining Whether Certain Organizations Are Component Units?

Accepted Answer

A)  A university foundation. 
B)  A hospital auxiliary. 
C)  A museum foundation. 
D)  A high school band booster club. 
A)  A university foundation. 
B)  A hospital auxiliary. 
C)  A museum foundation. 
D)  A high school band booster club.

Question 13

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

Accepted Answer

(any 3 of each)
General -purpose state o

Question 14

The following information applies to the next three questions:
Tuition and fees for the Northern University was assessed at $21,000,000. Scholarship allowances, for which no services are required, were $1,700,000 and graduate assistantships, for which services are required, were $900,000.
-What is the journal entry to record tuition revenue?

Accepted Answer

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

Question 15

Assume a government is a special-purpose government engaged in only one governmental activity.Which financial statements would be required?

Accepted Answer

A)  Government-wide statements only. 
B)  Statements combining the governmental funds and government-wide statements. 
C)  Both government-wide and governmental fund basis statements. 
D)  Either B or C above. 
A)  Government-wide statements only. 
B)  Statements combining the governmental funds and government-wide statements. 
C)  Both government-wide and governmental fund basis statements. 
D)  Either B or C above.

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

Assume a government is determined to be a special-purpose government engaged in business-type activities only.Which of the following financial statements would be required?

Accepted Answer

A)  Balance Sheet, Statement of Revenues, Expenditures, and Changes in fund Balances. 
B)  Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets, Statement of Cash Flows. 
C)  Statement of Net Assets, Statement of Activities, Statement of Cash Flows. 
D)  Statement of Net Assets and Statement of Activities. 
A)  Balance Sheet, Statement of Revenues, Expenditures, and Changes in fund Balances. 
B)  Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets, Statement of Cash Flows. 
C)  Statement of Net Assets, Statement of Activities, Statement of Cash Flows. 
D)  Statement of Net Assets and Statement of Activities.

Question 18

Public colleges typically report as special-purpose entities engaged only in business-type activities.

Accepted Answer

A) True 
 B)False

Question 19

Tuition waived for academic and athletic scholarships is deducted from student fee revenue when preparing a Statement of Revenues,Expenses,and Changes in Net Assets.

Accepted Answer

A) True 
 B)False

Question 20

Special-purpose governmental entities that are engaged in a single governmental-type activity only are required to prepare only the statements required for governmental fund basis financial statements.

Accepted Answer

A) True 
 B)False

Which of the following is true?

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

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

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

City and county governments are typically classified as special purpose governments.

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.

GASB standards permit exercise of judgment when determining whether a government is general-purpose or special-purpose.

Public higher education institutions that report as special-purpose entities engaged in business-type activities only are still required to prepare a Management's Discussion and Analysis.

A special-purpose government engaged in business-type activities financed in whole or part by fees charged to external parties are usually reported in fiduciary funds.

Which of the following groups would not be considered a component unit of a special-purpose government,for the purposes of applying GASB Statement 39: Determining Whether Certain Organizations Are Component Units?

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

Assume a government is a special-purpose government engaged in only one governmental activity.Which financial statements would be required?

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

Assume a government is determined to be a special-purpose government engaged in business-type activities only.Which of the following financial statements would be required?

Public colleges typically report as special-purpose entities engaged only in business-type activities.

Tuition waived for academic and athletic scholarships is deducted from student fee revenue when preparing a Statement of Revenues,Expenses,and Changes in Net Assets.

Special-purpose governmental entities that are engaged in a single governmental-type activity only are required to prepare only the statements required for governmental fund basis financial statements.

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

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

Which of the following is true?

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

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

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

City and county governments are typically classified as special purpose governments.

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.

GASB standards permit exercise of judgment when determining whether a government is general-purpose or special-purpose.

Public higher education institutions that report as special-purpose entities engaged in business-type activities only are still required to prepare a Management's Discussion and Analysis.

A special-purpose government engaged in business-type activities financed in whole or part by fees charged to external parties are usually reported in fiduciary funds.

Which of the following groups would not be considered a component unit of a special-purpose government,for the purposes of applying GASB Statement 39: Determining Whether Certain Organizations Are Component Units?

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

Assume a government is a special-purpose government engaged in only one governmental activity.Which financial statements would be required?

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

Assume a government is determined to be a special-purpose government engaged in business-type activities only.Which of the following financial statements would be required?

Public colleges typically report as special-purpose entities engaged only in business-type activities.

Tuition waived for academic and athletic scholarships is deducted from student fee revenue when preparing a Statement of Revenues,Expenses,and Changes in Net Assets.

Special-purpose governmental entities that are engaged in a single governmental-type activity only are required to prepare only the statements required for governmental fund basis financial statements.

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