ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 15, Problem 16EP
To determine
Indicate the appropriate standard setting body given in Section B with respect to the reporting requirement given in Section A.
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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.
Which of the following statements relating to the accounting for research and development expenditure under IAS 38 is CORRECT? (i) All expenditure on research should be written off in the year incurred.(ii) All expenditure on development should be written off in the year incurred.(iii) Expenditure on research which satisfies all stipulated conditions can be capitalised.(iv) Expenditure on development which satisfies all stipulated conditions can be capitalised.
Question 8 options:
1)
Statements (i) & (ii) only.
2)
Statements (iii) & (iv) only.
3)
Statements (i) & (iv) only.
4)
Statements (ii) & (iii) only.
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
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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- Which of the following is true regarding financial reporting under GASB Statement No. 34?a. A comparison of budget and actual revenues and expenditures for the general fund is required as part of the basic financial statements.b. Infrastructure must be recorded and depreciated as part of the statement of activities in the basic financial statements.c. Public colleges and universities are to report in exactly the same manner as private colleges and universities.d. Special purpose governments that have only business-type activities are permitted to report only the financial statements required for enterprise funds.arrow_forwardC. Using the contents presented in the Units supported by information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue and expenditure appropriate for a Central Government.arrow_forward1) State whether each of the following items should be classified as taxes, licences and permits, intergovernmental revenues, charges for services, fines and forfeits or miscellaneous revenue in a governmental fund. g) Charges to a local university for extra city police protection during sporting events. h) Barbers and hairdressers’ registration fees. i) Donation to government due to coronovirus. j) Parkingarrow_forward
- C. Using the contents presented in the Units supported by information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue and expenditure appropriate for a Central Government.arrow_forwardPlease answer properlyarrow_forwardWhich 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 abovearrow_forward
- Identify the following funding sources as primarily public or private.a. Municipal bondsb. Retained earningsc. Sales taxesd. Automobile license feese. Bank loansf. Savings accountsg. Engineer’s retirement planh. State fishing license revenuesi. Entrance fees to Disneylandj. State park entrance feesarrow_forwardThe capital projects fund of Plant City completed construction of a new building. The building account should be reported in the: I. capital projects fund balance sheet. II. general fund balance sheet. III. government-wide statement of net position. A) II only. B) Il only. C) I only. D) I and II only.arrow_forwardDistinguish between accounting and financial reporting for state and local governments and VHWOs for the following issues: 1. Measurement focus and basis of accounting 2. Revenue recognition 3. Depreciation expense 4. Capital assetsarrow_forward
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