How can we help?

You can also find more resources in our Help Center.

12 terms

GNPA Ch. 9

STUDY
PLAY
With respect to public colleges and universities, expenses are reported by:

a. Function
b. Object classification
c. Department
d. Academic vs. non academic components
b. Object classification
Northern University operates a bookstore. The bookstore had revenues in the amount of $2,650,000. What is the debit entry to record this event?

a. Cash 2,650,000
b. Operating Revenues - Restricted 2,650,000
c. Cash and Cash Equivalents 2,650,000
d. Operating Revenues - Auxiliary Enterprises 2,650,000
c. Cash and Cash Equivalents 2,650,000
What is the journal entry to record the graduate assistantships?

a. Not recorded because it was deducted from tuition revenue before revenue it was recorded
b. Dr. Assistantship & Fellowship Expenses Cr. Accounts Receivable for $1,400,000
c. Dr. Operating Revenue Deduction-Scholarship Allowance Cr. Accounts Receivable for $1,400,000
d. Dr. Operating Revenue Deduction-Scholarship Allowance Cr. Deferred Revenue for $1,400,000
b. Dr. Assistantship & Fellowship Expenses Cr. Accounts Receivable for $1,400,000
Which of the following is true regarding the Statement of Revenues, Expenses, and Changes in Net Assets for a public college?

a. Tuition revenues are reported net of tuition waivers only when those waivers do not require service on the part of the recipient student
b. Depreciation expense is not recognized
c. Both of the above are true
d. Neither of the above is true
a. Tuition revenues are reported net of tuition waivers only when those waivers do not require service on the part of the recipient student
Which of the following is true regarding the Statement of Revenues, Expenses, and Changes in Net Assets for a public college?

a. All student scholarship allowances should be reported as operating expenses
b. An all-inclusive statement should be prepared, ending with the net assets at year-end
c. Both of the above are true
d. Neither of the above is true.
b. An all-inclusive statement should be prepared, ending with the net assets at year-end
A public college had tuition and fees of $21,000,000. Scholarships, for which no services were required, amounted to $2,500,000. Graduate assistantships, for which services were required, amounted to $1,600,000. The amount to be reported by the public college as net tuition and fees would be:

a. $18,500,000
b. $16,900,000
c. $21,000,000
d. $20,000,000
a. $18,500,000
Public colleges and universities that choose to report as special-purpose entities engaged only in business-type activities would have which of the following financial statements?

a. Statement of Net Assets, Statement of Activities
b. Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets
c. Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets, Statement of Cash Flows
d. None of the above
c. Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Net Assets, Statement of Cash Flows
Which of the following is true regarding the Statement of Cash Flows for a public college?

a. The indirect method must be used
b. The statement is in the same format required for state and local governmental enterprise funds
c. Both of the above are true
d. Neither of the above is true.
b. The statement is in the same format required for state and local governmental enterprise funds
Public colleges and universities may choose to report as:

a. special-purpose entities engaged in governmental and business-type entities
b. special-purpose entities engaged in business-type activities only.
c. either (a) or (b) depending on the nature of their operations.
d. neither (a) nor (b)
c. either (a) or (b) depending on the nature of their operations.
Public colleges and universities follow...........guidelines while private colleges and universities follow ............guidelines.
GASB, FASB
General-purpose governments are those that offer more than one type of basic governmental service, while special-purpose entities generally provide a limited, or single, set of programs or services.

True or False
True
Public higher education institutions are allowed to report as special-purpose entities engaged in governmental and business-type activities or in governmental-type activities only.

True or False
False