Question 25 (2 points) According to NACUBO, tuition waivers that are offered as compensation to graduate assistants who conduct research or teach classes would be recorded as: an instructional expense a liability in a deferred compensation account O a direct reduction in the amount of tuition revenue received contra revenue in a tuition discounts and allowances account Question 27 (2 points) NACUBO guidelines state that which of the following items should be treated as operating revenues? Contributed services Investment income Pell grant revenues for public colleges and universities Grants and contracts Students at Faber College pay a $250 dormitory room deposit fee annually if they are living on campus. The deposit is returned to the students at the end of the year if the dormitory room is deemed to be in satisfactory condition, Faber College would record these deposits as: unrestricted revenues contribution revenues O restricted revenues current liabilities Question 29 (2 points) The fiscal year for Harrison University ends on December 31st. They operate on a standard semester system, with the Spring Semester starting in early January Tuition payments for Spring are often received in December. How should Harrison treat these advanced tuition payments? Record the tuition payments as deferred revenue when received in December Recognize the revenue as earned when the classes are taught in the Spring. Record the tuition payments as restricted net assets when received in December. Reclassify to unrestricted net assets once the new fiscal year begins. Make a note disclosure of the tuition payments when received in December Recognize the revenue as earned only when classes are completed in the Spring. Recognize the tuition payments as earned revenue when received in December