Northern University operates a bookstore. The bookstore had revenues in the amount of $2,650,000. What is the journal entry to record this event? A. $\begin{array}{lccc} \text {Cash and Cash Equivalents}&2,650,000\\ \text {Operating Revenues - Auxiliary Enterprises}&& 2,650,000\\ \end{array}$ B. $\begin{array}{lccc} \text {Cash }&2,650,000\\ \text {Operating Revenues - Restricted }&& 2,650,000\\ \end{array}$ C. $\begin{array}{lccc} \text {Cash and Cash Equivalents}&2,650,000\\ \text {Due to General Fund}&& 2,650,000\\ \end{array}$ D. $\begin{array}{lccc} \text {Cash}&2,650,000\\ \text {Due to Auxiliary Enterprise Fund}&& 2,650,000\\ \end{array}$

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

What is the journal entry to record the graduate assistantships? $\begin{array}{lccc} \text { A. Scholarships and Fellowships Expense } & 900,000 & \\ \quad \text { Accounts receivable } & & 900,000 \\ \end{array}$ $\begin{array}{lccc} \text { B. Operating Revenue Deduction -Scholarship } & & \\ \quad \text { Allowances } & 900,000 & \\ \quad \text { Accounts Receivable } & &900,000 \\ \end{array}$ $\begin{array}{lccc} \text { C. Operating Revenue Deduction -Scholarship } & & \\ \quad \text { Allowances } & 900,000 & \\ \quad \text { Deferred Revenues } && 900,000 \\ \end{array}$ D.Not recorded because it was deducted from tuition revenue before revenue it was recorded

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

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

Answer the following related to accounting and financial reporting for public colleges and universities: a. What choices exist for financial reporting by public colleges and universities, according to GASB Statement 35? b. Indicate the contents required for a financial report for those public colleges and universities that choose to report as special-purpose entities engaged only in business-type activities.

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(Essay)

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Question 1

Correct Answer:

Verified

a. GASB Statement 35 indicates that public colleges and universities may choose reporting as special-purpose entities engaged in (1) governmental and business-type activities, (2) governmental activities only or (3)business-type activities only.
b. Public colleges and universities choosing to report as special-purpose entities engaged in business-type activities only would include, in their financial reports: (1) Management's Discussion and Analysis, (2) Statement of Net Assets or Balance Sheet, (3) Statement of Revenues, Expenses and Changes in Net Assets, (4) Statement of Cash Flows, (5) Notes to the Financial Statements and (6) Required Supplementary Information Other than MD&A, when applicable. Item (6) could include schedules for pension plans and investment trust funds and information relating to the modified approach for infrastructure reporting. Budgetary Schedules are not required.

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

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(True/False)

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Question 2

Correct Answer:

Verified

True

General-purpose governments are those that offer more than one type of basic governmental service, while special-purpose entities generally provide a limited or single, set of programs or services.

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Question 3

Correct Answer:

Verified

True

Which of the following would be true regarding the Statement of Net Assets for a public college reporting as a special purpose entity engaged in business type activities only?

(Multiple Choice)

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Question 4

What are the criteria outlined in GASB Statement 39 for requiring public college foundations to be reported as discretely presented components in the college's financial reports?

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Question 5

What are the required parts of the annual financial report for special-purpose local governments engaged only in business-type activities?

(Essay)

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Question 6

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.

(True/False)

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Question 7

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

(Multiple Choice)

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Question 8

Northern University operates a bookstore. The bookstore had revenues in the amount of $2,650,000. What is the journal entry to record this event? A. Cash and Cash Equivalents 2,650,000 Operating Revenues - Auxiliary Enterprises 2,650,000 B. Cash 2,650,000 Operating Revenues - Restricted 2,650,000 C. Cash and Cash Equivalents 2,650,000 Due to General Fund 2,650,000 D. Cash 2,650,000 Due to Auxiliary Enterprise Fund 2,650,000

(Multiple Choice)

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Question 9

GASB clearly defines the criteria when determining whether a government is general-purpose or special-purpose.

(True/False)

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Question 10

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

(True/False)

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Question 11

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)

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Question 12

Public colleges who waive fees for graduate assistants must report tuition at the gross amount and expense the fees waived.

(True/False)

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Question 13

State appropriations for higher education institutions are to be reported as non operating revenues in the Statement of Revenues, Expenses and Changes in Net Assets.

(True/False)

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Question 14

What is the journal entry to record the graduate assistantships? A. Scholarships and Fellowships Expense 900,000 Accounts receivable 900,000 B. Operating Revenue Deduction -Scholarship Allowances 900,000 Accounts Receivable 900,000 C. Operating Revenue Deduction -Scholarship Allowances 900,000 Deferred Revenues 900,000 D.Not recorded because it was deducted from tuition revenue before revenue it was recorded

(Multiple Choice)

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Question 15

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

(Multiple Choice)

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Question 16

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

(Multiple Choice)

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Question 17

What are the required parts of the annual financial reports for special-purpose governments that manage one or more retirement plans?

(Essay)

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Question 18

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

(Multiple Choice)

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Question 19

Indicate the financial reporting rules for each of the following special-purpose entities (which category of special-purpose entity) and indicate the financial statements that would be required: a. A township that assesses property for taxation, provides road maintenance and provides welfare assistance. b. A fire protection district that engages in protection of property in unincorporated areas from fires. c. An independent tollway authority, not the component unit of any other government. d. An independent statewide pension plan. e. A public college.

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Question 20

Showing 1 - 20 of 87

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

General-purpose governments are those that offer more than one type of basic governmental service, while special-purpose entities generally provide a limited or single, set of programs or services.

Which of the following would be true regarding the Statement of Net Assets for a public college reporting as a special purpose entity engaged in business type activities only?

What are the criteria outlined in GASB Statement 39 for requiring public college foundations to be reported as discretely presented components in the college's financial reports?

What are the required parts of the annual financial report for special-purpose local governments engaged only in business-type activities?

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.

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

GASB clearly defines the criteria when determining whether a government is general-purpose or special-purpose.

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

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.

Public colleges who waive fees for graduate assistants must report tuition at the gross amount and expense the fees waived.

State appropriations for higher education institutions are to be reported as non operating revenues in the Statement of Revenues, Expenses and Changes in Net Assets.

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

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

What are the required parts of the annual financial reports for special-purpose governments that manage one or more retirement plans?

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

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 Trust Funds

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

Filters

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

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

General-purpose governments are those that offer more than one type of basic governmental service, while special-purpose entities generally provide a limited or single, set of programs or services.

Which of the following would be true regarding the Statement of Net Assets for a public college reporting as a special purpose entity engaged in business type activities only?

What are the criteria outlined in GASB Statement 39 for requiring public college foundations to be reported as discretely presented components in the college's financial reports?

What are the required parts of the annual financial report for special-purpose local governments engaged only in business-type activities?

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.

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

GASB clearly defines the criteria when determining whether a government is general-purpose or special-purpose.

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

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.

Public colleges who waive fees for graduate assistants must report tuition at the gross amount and expense the fees waived.

State appropriations for higher education institutions are to be reported as non operating revenues in the Statement of Revenues, Expenses and Changes in Net Assets.

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

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

What are the required parts of the annual financial reports for special-purpose governments that manage one or more retirement plans?

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

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 Trust Funds

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

Filters

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