Problem (10 points). Private colleges and universities often have certain aspects of operations that are different from other types of nonprofit organizations. Answer the following questions regarding some of these items. QUESTIONS ABOUT ITEMS RELATING TO OPERATIONS OF PRIVATE COLLEGES AND UNIVERSITIES (1) 2) Private colleges and universities often have what are referred to as 'auxiliary enterprises'. Define the term auxiliary enterprises and give some examples of auxiliary enterprises that a private college or university might have. Also, discuss how private colleges account for these auxiliary enterprises in their accounting records. Private colleges usually depend on some type of 'endowment funds' as a source of funds for operations and other programs that they provide. Discuss the meaning of the following terms related to endowments and briefly describe the accounting treatment required for each type. (a) Endowment. (b) Term endowment. (c) Quasi endowment. Describe briefly the accounting treatment that must be followed for private colleges and universities for contributed services. ounting treatment that must be followed for private colleges and