Accounting for Colleges and Universities

Pregunta 1 de 10

1

Which 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?

Selecciona una de las siguientes respuestas posibles:

Statement of cash flows.
Statement of net assets.
Statement of activities.
Statement of revenues, expenses, and changes in net assets.

Explicación

Pregunta 2 de 10

1

Assets 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

Selecciona una de las siguientes respuestas posibles:

An endowment.
Unrestricted net assets.
Deposits held in custody for others.
Restricted net assets.

Explicación

Pregunta 3 de 10

1

Which of the following is required as part of a complete set of financial statements for a private college or university?

Selecciona una de las siguientes respuestas posibles:

Statement of changes in financial position.
Statement of revenues, expenses, and changes in net assets.
Statement of activities.
Statement of functional expenses.

Explicación

Pregunta 4 de 10

1

Which 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?

Selecciona una de las siguientes respuestas posibles:

Public colleges and universities are required by GASB standards to capitalize and report all collections.
The assets are held for public exhibition, education, or research in furtherance of public service rather than financial gain.
The assets are protected, kept unencumbered, cared for, and preserved.
The assets are subject to an organizational policy that ensures the proceeds of sales of collectible assets are used to acquire other items for collections.

Explicación

Pregunta 5 de 10

1

Which 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?

Selecciona una de las siguientes respuestas posibles:

Student tuition and fees.
Tuition and fees discounts and allowances.
Net assets released from restriction.
Deferred revenues.

Explicación

Pregunta 6 de 10

1

FASB standards applicable to private colleges and universities require that their financial statements

Selecciona una de las siguientes respuestas posibles:

Provide separate columns for each fund group.
Include a statement of changes in fund balances.
Provide aggregated financial information on an entity-wide basis.
Include a statement of cash flows prepared using the direct method.

Explicación

Pregunta 7 de 10

1

Economic rationality would argue against a university accepting a split interest agreement in which a fixed annuity is payable to the donor if:

Selecciona una de las siguientes respuestas posibles:

The donor has attached conditions to the gift.
The university has no immediate need for the assets.
The sum of future annuity payments plus interest thereon exceeds the fair market value of the assets.
The present value of the future annuity payments and other liabilities exceed the fair market value of the assets.

Explicación

Pregunta 8 de 10

1

Which of the following receipts may properly be accounted for as an increase in unrestricted net assets?

Selecciona una de las siguientes respuestas posibles:

Student tuition and fees.
Gift from an alumnus for a new college of business building.
Federal grant for genetic research.
Acceptance of assets, the income from which will be paid to the donor.

Explicación

Pregunta 9 de 10

1

Cactus 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:

Selecciona una de las siguientes respuestas posibles:

Unrestricted net assets.
Temporarily restricted net assets.
Permanently restricted net assets.
The fund balance of restricted current funds.

Explicación

Pregunta 10 de 10

1

The cost of professors' salaries would normally be recorded in which functional area?

Selecciona una de las siguientes respuestas posibles:

Student services.
Instruction.
Service.
Institutional support.

	Creado por turquoise_cat hace más de 10 años

Chapter 15

Accounting for Colleges and Universities

Pregunta 1 de 10

Which 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?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 2 de 10

Assets 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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 3 de 10

Which of the following is required as part of a complete set of financial statements for a private college or university?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 4 de 10

Which 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?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 5 de 10

Which 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?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 6 de 10

FASB standards applicable to private colleges and universities require that their financial statements

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 7 de 10

Economic rationality would argue against a university accepting a split interest agreement in which a fixed annuity is payable to the donor if:

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 8 de 10

Which of the following receipts may properly be accounted for as an increase in unrestricted net assets?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 9 de 10

Cactus 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:

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 10 de 10

The cost of professors' salaries would normally be recorded in which functional area?

Selecciona una de las siguientes respuestas posibles:

Explicación