GoConqr hat ein neues Design! Sag uns, wie es dir gefällt.

Kostenlos registrieren

Quiz

Accounting for Colleges and Universities

turquoise_cat 10 Fragen 5,0 (1 Bewertung)

Quiz starten

Fragen in diesem Quiz (10)

  1. 1Which of the following statements usually will not be included in the annual financial report of a governmentally owned public university engaged only in business-type activities?
    1. AStatement of cash flows.
    2. BStatement of net assets.
    3. CStatement of activities.
    4. DStatement of revenues, expenses, and changes in net assets.
  2. 2Assets that the governing board of a public university, rather than a donor or other outside agency, has determined are to be retained and invested for future scholarships would be reported as
    1. AAn endowment.
    2. BUnrestricted net assets.
    3. CDeposits held in custody for others.
    4. DRestricted net assets.
  3. 3Which of the following is required as part of a complete set of financial statements for a private college or university?
    1. AStatement of changes in financial position.
    2. BStatement of revenues, expenses, and changes in net assets.
    3. CStatement of activities.
    4. DStatement of functional expenses.
  4. 4Which of the following is not a condition that would permit a public college or private college or university to avoid accounting recognition of the value of its collections of art, historical treasures, and similar assets?
    1. APublic colleges and universities are required by GASB standards to capitalize and report all collections.
    2. BThe assets are held for public exhibition, education, or research in furtherance of public service rather than financial gain.
    3. CThe assets are protected, kept unencumbered, cared for, and preserved.
    4. DThe assets are subject to an organizational policy that ensures the proceeds of sales of collectible assets are used to acquire other items for collections.
  5. 5Which of the following items would not affect the amounts reported in Revenues and Gains section of the statement of activities for a private college or university?
    1. AStudent tuition and fees.
    2. BTuition and fees discounts and allowances.
    3. CNet assets released from restriction.
    4. DDeferred revenues.
  6. 6FASB standards applicable to private colleges and universities require that their financial statements
    1. AProvide separate columns for each fund group.
    2. BInclude a statement of changes in fund balances.
    3. CProvide aggregated financial information on an entity-wide basis.
    4. DInclude a statement of cash flows prepared using the direct method.
  7. 7Economic rationality would argue against a university accepting a split interest agreement in which a fixed annuity is payable to the donor if:
    1. AThe donor has attached conditions to the gift.
    2. BThe university has no immediate need for the assets.
    3. CThe sum of future annuity payments plus interest thereon exceeds the fair market value of the assets.
    4. DThe present value of the future annuity payments and other liabilities exceed the fair market value of the assets.
  8. 8Which of the following receipts may properly be accounted for as an increase in unrestricted net assets?
    1. AStudent tuition and fees.
    2. BGift from an alumnus for a new college of business building.
    3. CFederal grant for genetic research.
    4. DAcceptance of assets, the income from which will be paid to the donor.
  9. 9Cactus College, a small private college, received a research grant from NACUBO to study whether service efforts and accomplishments measures improve institutional performance. Under the provisions of SFAS No. 116 the grant would be reported as an increase in:
    1. AUnrestricted net assets.
    2. BTemporarily restricted net assets.
    3. CPermanently restricted net assets.
    4. DThe fund balance of restricted current funds.
  10. 10The cost of professors' salaries would normally be recorded in which functional area?
    1. AStudent services.
    2. BInstruction.
    3. CService.
    4. DInstitutional support.

Informationen

Beschreibung
Chapter 15
Sprache
English
Aufrufe
392
Bewertung
5,0 von 5 · 1 Bewertung
Bewerte dieses Quiz
Bewerte dieses Quiz

Feedback

Worum geht es?

Wie gefällt dir das neue Design?

Dein Eindruck