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A private not-for-profit university charges student tuition of $1 million for the current year. Financial aid grants total $220,000. The school also receives a $100,000 grant restricted for faculty salaries. Of that amount, $30,000 is spent appropriately this year. in preparing a statement of activipes, which of the following is not true?

A private not-for-profit university charges student tuition of $1 million for the current year. Financial aid grants total $220,000. The school also receives a $100,000 grant restricted for faculty salaries. Of that amount, $30,000 is spent appropriately this year. in preparing a statement of activipes, which of the following is not true?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A private not-for-profit university charges student tuition of $1 million for the current year. Financial old grants total $220,000. The school also receives a $100,000 grant restricted for faculty salaries. Of that amount, $30,000 is spent appropriately this year. In preparing a statement of activipes, which of the following is not true? Multiple Choice Net assets without donor restrictions should report revenue of $1 million Not assets without donor restrictions should show an increase of $30,000 for net assets reclassified Net assets without donor restrictions should report a direct reduction of $220.000 in reporting the tuition revenus Net assets without donor restrictions should report expenses of $30060 Next
Transcribed Image Text:A private not-for-profit university charges student tuition of $1 million for the current year. Financial old grants total $220,000. The school also receives a $100,000 grant restricted for faculty salaries. Of that amount, $30,000 is spent appropriately this year. In preparing a statement of activipes, which of the following is not true? Multiple Choice Net assets without donor restrictions should report revenue of $1 million Not assets without donor restrictions should show an increase of $30,000 for net assets reclassified Net assets without donor restrictions should report a direct reduction of $220.000 in reporting the tuition revenus Net assets without donor restrictions should report expenses of $30060 Next
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