Dormitories and bookstores are examples of auxiliary enterprises (business-type activities) engaged in by both private and public universities True False QUESTION 13 "When a semester starts and ends in different fiscal years, FASB standards require not-for-profit colleges to apportion tuition and fees between the two years" True False QUESTION 14 Private colleges that receive federal grants are required to apply government accounting standards set by the GASB True False QUESTION 15 The single largest source of revenues for not-for-profit universities is tuition and fees True False Tuition revenue should be reported net of tuition discounts and scholarships True False QUESTION 9 "In accounting for colleges and universities, related entities should either be disclosed in the Notes to the Financial Statements or reported as component entities, depending on the degree of control and economic interest" True False QUESTION 10 "Under GASB Statement No. 39, colleges and universities are required to bring their affiliated medical organizations into their financial reports" True False QUESTION 11 Private colleges and universities should account for all grants on the accrual basis as exchange transactions True False GASB requires that revenues be classified into three categories of restrictiveness based on donor specification True False QUESTION 5 "In a public university setting, general administration and sponsored research are examples of revenues classified by source" True False QUESTION 6 "Long-lived assets held by public universities are carried at cost, or fair value if donated" True False QUESTION 7 Investments of a public college must be reported at amortized cost True False