Question 1

Private colleges and universities recognize revenue in the year in which the unconditional pledge is made.

Accepted Answer

A) True 
 B)False

Question 2

Under NACUBO guidelines,tuition waivers resulting from work-study programs are deducted from revenue.

Accepted Answer

A) True 
 B)False

Question 3

Private colleges and universities are required to present a Statement of Cash Flows.

Accepted Answer

A) True 
 B)False

Question 4

Tuition waivers associated with graduate assistantships or work-study programs are accounted for as

Accepted Answer

A)  Reductions in revenue. 
B)  Bad debt expense. 
C)  Compensation expense. 
D)  Discounts. 
A)  Reductions in revenue. 
B)  Bad debt expense. 
C)  Compensation expense. 
D)  Discounts.

Question 5

If a donor were to contribute money with instructions that the funds be invested for a period of time and then released to be used for any purpose,this would be called a(n):

Accepted Answer

A)  Unrestricted endowment 
B)  Permanent endowment 
C)  Term endowment 
D)  Quasi-endowment 
A)  Unrestricted endowment 
B)  Permanent endowment 
C)  Term endowment 
D)  Quasi-endowment

Question 6

Funds that are restricted for a certain number of years and then released are considered to be term endowments and are classified as temporarily restricted funds by private colleges and universities.

Accepted Answer

A) True 
 B)False

Question 7

According to the rules for accounting for colleges and universities under the jurisdiction of the FASB,if both unrestricted and restricted resources are available for a restricted purpose,the FASB requires that the institution recognize the use of unrestricted resources first.

Accepted Answer

A) True 
 B)False

Question 8

Private colleges and universities are governed by which of the following?

Accepted Answer

A)  FASB. 
B)  GASB. 
C)  FASB and GASB. 
D)  Neither FASB nor GASB. 
A)  FASB. 
B)  GASB. 
C)  FASB and GASB. 
D)  Neither FASB nor GASB.

Private colleges and universities recognize revenue in the year in which the unconditional pledge is made.

Under NACUBO guidelines,tuition waivers resulting from work-study programs are deducted from revenue.

Private colleges and universities are required to present a Statement of Cash Flows.

Tuition waivers associated with graduate assistantships or work-study programs are accounted for as

If a donor were to contribute money with instructions that the funds be invested for a period of time and then released to be used for any purpose,this would be called a(n):

Funds that are restricted for a certain number of years and then released are considered to be term endowments and are classified as temporarily restricted funds by private colleges and universities.

According to the rules for accounting for colleges and universities under the jurisdiction of the FASB,if both unrestricted and restricted resources are available for a restricted purpose,the FASB requires that the institution recognize the use of unrestricted resources first.

Private colleges and universities are governed by which of the following?

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

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

Filters

Exam 11: College and University Accounting

Private colleges and universities recognize revenue in the year in which the unconditional pledge is made.

Under NACUBO guidelines,tuition waivers resulting from work-study programs are deducted from revenue.

Private colleges and universities are required to present a Statement of Cash Flows.

Tuition waivers associated with graduate assistantships or work-study programs are accounted for as

If a donor were to contribute money with instructions that the funds be invested for a period of time and then released to be used for any purpose,this would be called a(n):

Funds that are restricted for a certain number of years and then released are considered to be term endowments and are classified as temporarily restricted funds by private colleges and universities.

According to the rules for accounting for colleges and universities under the jurisdiction of the FASB,if both unrestricted and restricted resources are available for a restricted purpose,the FASB requires that the institution recognize the use of unrestricted resources first.

Private colleges and universities are governed by which of the following?

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

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

Filters