Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 15, Problem 15.5EP
To determine
Identify the type of College on the basis of ownership.
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Which of the following is most likely to be true about the financial reporting of a public college or university? Choose the correct.a. It resembles the financial reporting of private colleges and universities.b. It will continue to use its own unique style of financial reporting.c. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government.d. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.
Below are several transactions involving a private, not-for-profit university.
1. The university recorded $3,000,000 in tuition and fees for the fiscal year.
2. Tuition refunds of $218,000 were given.
3. The federal government notified the university that it would provide the university with a
$1,200,000 federal grant for pharmaceutical research next year.
4. The university received a $400,000 endowment.
5. The university provided $22,000 in tuition waivers for students with outstanding academic
performance.
6. The chemistry department spent $33,000 on pharmaceutical research.
7. During the year the university spent $2,450,000 to construct a new street to allow for the
expansion of student housing.
8. Estimated uncollectible tuition of $2,340 was recorded at the end of the year.
Required:
Prepare journal entries to record the foregoing (Problem #2) transactions assuming the university is a
private, not-for-profit institution in an Excel spreadsheet. Label each entry clearly and use…
Which of the following is most likely to be true about the financial reporting of a public college or university?
It resembles the financial reporting of private colleges and universities.
It will continue to use its own unique style of financial reporting.
It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government.
It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.
Chapter 15 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 15 - Prob. 1QCh. 15 - Prob. 2QCh. 15 - Prob. 3QCh. 15 - Prob. 4QCh. 15 - Prob. 5QCh. 15 - Prob. 6QCh. 15 - Prob. 7QCh. 15 - What is UPMIFA, and why is it important to...Ch. 15 - How can the performance of colleges and...Ch. 15 - Prob. 10Q
Ch. 15 - Prob. 12CCh. 15 - Prob. 14CCh. 15 - Prob. 15.1EPCh. 15 - Prob. 15.2EPCh. 15 - Prob. 15.3EPCh. 15 - Prob. 15.4EPCh. 15 - Prob. 15.5EPCh. 15 - Prob. 15.6EPCh. 15 - Prob. 15.7EPCh. 15 - Prob. 15.8EPCh. 15 - Prob. 15.9EPCh. 15 - Prob. 15.10EPCh. 15 - Prob. 16EPCh. 15 - Prob. 17EPCh. 15 - Prob. 18EPCh. 15 - Prob. 19EPCh. 15 - Prob. 20EPCh. 15 - Prob. 21EPCh. 15 - Prob. 22EPCh. 15 - Prob. 23EP
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