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 6Q
To determine
Explain whether colleges and universities are required to identify program and support expenses and explain the manner in which it is accomplished if the entity uses NACUBO accounts.
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Financial resources of a college or university that are currently expendable at the discretion of the governing board and that have not been restricted externally and are nondesignated by the board for a specific purpose should be reported in the balance sheet as a. board-designated current funds. b. permanently restricted net assets. c. unrestricted net assets. d. temporarily restricted net assets.
Which of the following is required as part of the complete set of financial statements for a private college or university? a. Statement of changes in financial position b. Statement of activities c. Statement of revenues, expenses, and changes in net assets d. None of the above
1. An account for expenditures does not appear in which fund? (a) Capital Projects. (b) Enterprise. (c) General. (d) Special Revenue. 2. Which of the following receipts is properly recorded as unrestricted current funds on the books of a university? (a) Tuition. (b) Student laboratory fees. (c) Housing fees. (d) Research grants. 3. The current funds group of a NFP private university includes which of the following? Annuity Funds Loan Funds (a) Yes Yes (b) Yes No (c) No No (d) No Yes
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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- Amounts that come from accounts of unvested employees that can be directed/contributed to the accounts of other employees who participate and remain in the plan are known as what? Select one: a. Matching contributions b. Excess contributions c. Forfeitures d. Rollover contributionsarrow_forwardA voluntary health and welfare entity produces a statement of functional expenses. What is the purpose of this statement? Choose the correct.a. Separates current unrestricted and current restricted funds.b. Separates program service expenses from supporting service expenses. c. Separates cash expenses from noncash expenses.d. Separates fixed expenses from variable expenses.arrow_forwardPlease prepare general journal entries, as necessary to record the following transactions in the debt service fund and in the governmental activities general journal. Do not give answer in image formatearrow_forward
- What is the most common form for the financial statements prepared by public colleges and universities?arrow_forwardWhich of the following constitutes "unrelated activity"? Interest income on loans to members by a credit cooperative Miscellaneous fees collected from students by a school entity School canteen income generated by the school Rental income derived by a non-profit entity from its properties None of the abovearrow_forwardCan you distinguish between the accounting treatment of time-restricted pledges by private and public sector colleges and universities?arrow_forward
- Which of the following funds provides goods and services only to other departments or agencies of the government on a cost-reimbursement basis? Group of answer choices a.) Internal service funds b.) Enterprise funds c.) Special revenue fundsarrow_forwardVouchers payable denote: a. A future liability estimated when order is made b. Amount due to government from user charges c. A liability incurred when goods/services are received d. Amount payable by government on long term debts Question 2 Question text Which of the following is not an example of the function of an Agency Fund? a. Collection of property tax by one government unit for the other b. All the options listed c. Payment of interest and principle on long-term debt d. Collection of local government sales taxes by the state governmentarrow_forwardWhich of the following is not a criterion that must be met under FASB ASC 958-605-25-16 for contributed services? a. They are provided by persons possessing required skills. b. They are provided by licensed professionals. c. They create or enhance nonfinancial assets. d. They would typically have to be purchased if not provided by the donors/volunteers.arrow_forward
- Answer question please quickly What are special events? Give a few examples. Are special events conducted by the Not for Profit Organizations (NPO) reported differently on the statement of activities than special events conducted by an organization that is independent of the NPO? Private colleges and universities report temporarily and permanently restricted net assets. What, if any, comparable reporting is provided by public universities?arrow_forwardA public university ordered the 2 vehicles for the use of students and staff. Upon receiving vehicles ordered previously been encumbered the university should a. Encumbrance Control Account Dr, Budgetary Fund Balance Reserve A/c (BFBR) Cr b. Budgetary Fund Balance Reserve A/c (BFBR) Dr, Encumbrance Control Account Cr, c. None of the options d. Expenditure Account Dr, Account Receivable Crarrow_forwardA voluntary health and welfare entity produces a statement of functional expenses. What is the purpose of this statement? Separates current unrestricted and current restricted funds. Separates program service expenses from supporting service expenses. Separates cash expenses from noncash expenses. Separates fixed expenses from variable expenses.arrow_forward
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