A donor pledged $1,200,000 to a private nonprofit college in 20X6 with the condition that an equal amount would have to be raised in a building fund drive before the amount would be given. During 20x6, the building fund drive raised $500,000. The amount that should be recognized as revenue in 20X6 is: Select one: O a. $ 500,000 b. $1,700,000. c.$1,200,000 With regard to depreciation of fxed assets for colleges and universities: Select one: O a. Depreciation does not need to be recorded for public colleges and universities. b. Depreciation should not be recorded for any colleges and universities. O c. Depreciation should be recorded for all colleges and universities, both public and private O d. Depreciation should be recorded for four year colleges and universities but not for community colleges A public government university, conducts a summer session that crosses over its fiscal year end of June 30. On June 1, 20X7, the university collected $600,000 in summer session tuition. The faculty salaries, the major cost for the session, were paid at the end of the summer session on August 31, 20X7. How much tuition should be recognized as revenue in the fiscal year ended June 30, 20X8 Select one: O a.$200,000. Ob.S0 O c. $400,000 O d. $600,000. A donor gave $1,000,000 to a private college in 20X7 with the expressed intent that the funds be used in 20X8. In addition, another donor gave 300,000 in 20X7 for student scholarships. During 20X7, $200,000 was expended for student scholarships. The amount that should be recorded as revenue in 20X7 would be: Select one: Oa. $1,300,000. Ob.S 200,000. .$ 300,000. d.$1,200,000. A donor pledged $1,200,000 to a private nonprofit college in 20X6 with the condition that an equal amount would have to be raised in a building fund drive before the amount would be given. During 20x6, the building fund drive raised $500,000. The amount that should be recognized as revenue in 20X6 is: Select one: O a. $ 500,000 b. $1,700,000. c.$1,200,000 With regard to depreciation of fxed assets for colleges and universities: Select one: O a. Depreciation does not need to be recorded for public colleges and universities. b. Depreciation should not be recorded for any colleges and universities. O c. Depreciation should be recorded for all colleges and universities, both public and private O d. Depreciation should be recorded for four year colleges and universities but not for community colleges A public government university, conducts a summer session that crosses over its fiscal year end of June 30. On June 1, 20X7, the university collected $600,000 in summer session tuition. The faculty salaries, the major cost for the session, were paid at the end of the summer session on August 31, 20X7. How much tuition should be recognized as revenue in the fiscal year ended June 30, 20X8 Select one: O a.$200,000. Ob.S0 O c. $400,000 O d. $600,000. A donor gave $1,000,000 to a private college in 20X7 with the expressed intent that the funds be used in 20X8. In addition, another donor gave 300,000 in 20X7 for student scholarships. During 20X7, $200,000 was expended for student scholarships. The amount that should be recorded as revenue in 20X7 would be: Select one: Oa. $1,300,000. Ob.S 200,000. .$ 300,000. d.$1,200,000
