ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 15, Problem 15.7EP
To determine
Identify the treatment of funds being received from external donor for a particular purpose.
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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
Which of the following is a distinguishing characteristic of proprietary funds?
Select one:
O a. They recognize revenues when they are measurable and available
O b. They always earn sufficient revenues to cover their expenses
O C They are legally prohibited from selling services to other governmental agencies
O d. They charge fees for the services they provide
Funds received by a private college from donors who have stipulated that the principal is nonexpendable but the income generated may be expended for current operating needs would be accounted for asa. contributions—permanently restricted.b. contributions—temporarily restricted.c. contributions—unrestricted.d. fund balance increases.
Chapter 15 Solutions
ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
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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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 7. Scholarships for students' tuition and fees that are being paid from grants the university received (on the students' behalf) should be reported as a. a reduction of tuition and fee revenues. b. expenses in the GAAP financial statements. c. expenditures in the GAAP financial statements. d. nonoperating expenses in the GAAP financial statements.arrow_forwardPlease answer with reason for all why the option is correct and why the other options are incorrect 13. An increase in net assets for a not-for-profit organization that would be labeled exchange revenue rather than support is: A. A donation. B. Special events. C. A pledge. D. Investment income.arrow_forwardHow should a nongovernmental, not-for-profit organization report contributions without donor‘s restriction in its statement of cash flows A.) Operating activity inflow. B.) Investing activity inflow. C.) Financing activity inflow. D.) As a noncash transaction.arrow_forward
- What differences besides the names and contents of the three basic statements would a financial statement reader find between a public university and a private, nonprofit university?arrow_forwardAnswer 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 donor pledges money to the organization but has not paid it yet. The donor does not indicate how the money is to be used. Is this change in net assets with or without donor restrictions?arrow_forward
- Give Answer in bellow formate with explanation Option a: This option is correct or incorrect because Option b: This option is correct or incorrect because Option c: This option is correct or incorrect because Option d: This option is correct or incorrect becausearrow_forwardWhich of the following statements is correct? Endowments are provided as donations which only allow a not-for-profit organization to invest in. other not-for-profit organizations only. Endowments are donations that are received with the provision that it will be invested and only the investment income may be spent by the organization. O Endowments may be restricted and unrestricted funds which must be used in accordance with the wishes of the contributor and only available during the life of the donor. Endowments are unrestricted donations which can be used for any purposes that are consistent with the goals and objectives of the not-for-profit organization.arrow_forward7. A not-for-profit university receives a contribution without donor restrictions of $200,000. In its statement of cash flows, the contribution should be shown as a cash inflow from a. noncapital financing activities. b. capital financing activities. c. operating activities. d. investing activities.arrow_forward
- A board sets aside resources to earn investment income to support general operations. Would the resources set aside be recorded in a fund with donor restrictions or a fund without donor restrictions? Would the earnings be recorded in a fund with donor restrictions or a fund without donor restrictions?arrow_forwardThe organization earns and unrealized gain on its permanent endowment. Is this change in net assets with or without donor restrictions?arrow_forwardIndicate with choices (a) through (f ) how the following events are recorded in a private university:a. Credit Contributions—Unrestrictedb. Credit Contributions—Temporarily Restrictedc. Credit Contributions—Permanently Restrictedd. Credit Refundable Depositse. Credit Fund Balancef. No entry 1. Receipt of an unconditional cash contribution._________2. Receipt of cash to be used for a specific purpose._____________3. Receipt of an unconditional promise to give.___________4. Receipt of an unconditional promise to give over a 5-year period._________5. Receipt of investments that are to be used to set up an endowment with earnings available for operations._________6. Receipt of a fixed asset with donor-specified use for an outreach program. 7. Receipt of a conditional promise to give._________ 8. Receipt of a fixed asset with no donor restriction._________ 9. Receipt of free accounting services. _________10. Receipt of time of volunteers who helped with fundraising mailings._________ 11.…arrow_forward
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