Imagine that you work in the accounting department of a university and your boss has asked you to explain components of revenue, expenses, and changes in net asset that are reported on the universitys statement of revenues.

Respond to the following in a minimum of 175 words:

• Discuss at least two unique situations or transactions that you may encounter.
• Describe any circumstances the entity may engage in activities that result in Unrelated Business Income Tax (UBIT).