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1 ) What type of college or university must report expenses by both natural classification and functional classification? A ) Both private and public colleges
What type of college or university must report expenses by both natural classification and functional classification?
A Both private and public colleges and universities.
B Private colleges and universities.
C Public colleges and universities.
D Neither private nor public colleges and universities.
Which of the following is not a step in the tuition and fee revenue recognition process for private colleges and universities:
A Identify the contract with the customer.
B Determine the transaction price.
C Identify the performance obligations in the contract.
D Allocate the performance obligations to the appropriate period.
Cactus College, a small private college, received a research grant from NACUBO to study whether service efforts and accomplishments measures improve institutional performance. In accordance with FASB standards the grant would be reported as an increase in:
A Net assets without donor restrictions.
B Net assets with donor restrictions.
C Deferred revenue.
D Boarddesignated net assets.
It would not make economic sense for a university to accept a splitinterest agreement in which a fixed annuity is payable to the donor if:
A The donor has attached conditions to the gift.
B The university has no immediate need for the assets.
C The sum of future annuity payments plus interest thereon exceeds the fair market value of the assets.
D The present value of the future annuity payments and other liabilities exceed the fair market value of the assets.
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