"A public university had tuition and fees for the year ended June 30, 2015, in the amount of $27,000,000. Scholarships, for which no services were required, amounted to $2,100,000. Graduate assistantships, for which services were required, amounted to $1,950,000. The amount to be reported by the university as net tuition and fee revenue would be" "$27,000,000""$25,050,000""$24,900,000""$22,950,000" QUESTION 29 "During the year, Dakota University s board of trustees established a $500,000 fund to be retained and invested for scholarship grants. The fund earned $30,000, which had not been distributed by December 31. What amount should Dakota report in a board-designated (quasi) endowment fund s net position at December 31?" $0 "$30,000" "\$500,000" "\$530,000" QUESTION 30 "The statement of financial position of a not-for-profit health care organization should distinguish among unrestricted, temporarily restricted, and permanently restricted net assets" True False Current operating expenses of a public college may be classified by which of the following? Object classes Organizational Units Program functions All of the above QUESTION 23 "Although it no longer is required for external financial reporting, the AlCPA s 1973 Audits of Colleges and Universities provides for which of the following in its guidance on fund structure?" Plant funds Loan funds Annuity funds All of the above QUESTION 24 "In June 2018, a public university bills and collects $45 million in tuition for the summer semester that runs from June 1 through July 15 . In addition, in May and June it bills $300 million for the fall semester that runs from September 1 through December 15 . Of this amount it collects only $120 million (expecting to collect the balance prior to September 1). In its statement of revenues, expenses, and changes in net position for the fiscal year ending June 30, 2018 it should recognize as tuition revenue" $30 million $45 million $150 million $165 million "During the current year, Luis University received a $50,000 gift from an alumna who specified that it must be used to pay travel costs for faculty to attend health care conferences in foreign countries. During the year the university spent $8,000 to support travel to a health care conference in Italy. The $8,000 disbursement will cause a NET decrease in which class of net assets?" Unrestricted net assets Temporarily restricted net assets Permanently restricted net assets Cannot be determined QUESTION 20 "Bristol Public School Foundation had available temporarily restricted gifts in excess of $200,000. The foundation decided to invest this money temporarily until it needs the funds for the restricted purpose. The donors had made no specific stipulations regarding investment earnings but the foundation board had voted to use the earnings on the projects for which the gift had originally been restricted. At year-end, the securities had a fair value of $200,500. The appropriate way to recognize the change in fair value is" Debit Investment $500; Credit Unrestricted revenue $500 Debit Investment $500; Credit Temporarily restricted revenue $500 Debit Investment $500; Credit Permanently restricted revenue $500 No entry should be made until the securities are sold QUESTION 21 An accountant has encountered a perplexing financial reporting issue related to the private college for which he is preparing financial statements. The issue is not specifically addressed by FASB Statements. To what standards would the accountant first look for guidance? GASB Statements "AlCPA accounting and auditing guide, Not-for-Profit Organizations" "AICPA accounting and auditing guide, Audits of Colleges and Universities and/or AICPA SOP 74-8, Financial Accounting and Financial Reporting by Colleges and Universities" College textbooks QUESTION 16 "Financial statements for Smith College, a church-supported college, should be prepared according to standards set by" AICPA FASB GASB Smith may choose any of the above QUESTION 17 "For a not-for-profit college or university, which of the following categories of net assets is NOT appropriate in its external financial statements?" Unrestricted net assets Temporarily restricted net assets Permanently restricted net assets None. All of the above are appropriate QUESTION 18 "Landon College, a private college, received a \$1 million donation. The donor specified that the principal of her gift could never be used for program activities, but the earnings on the principal must be used to provide scholarships to academically qualified students in the business school. The $1 million gift would increase which of the following categories of net assets?" Unrestricted net assets Temporarily restricted net assets Permanently restricted net assets Either (b) and (c)