68.Which of the following would be true regarding the Statement of Net Position for a public college reporting as a special purpose entity engaged in business type activities only?
A)A classified statement is required, separating current and long-term assets and liabilities.
B)The net asset categories are:net investment in capital assets, restricted and unrestricted.
C)Both of the above are true.
D)Neither of the above is true.
69.Which of the following isnot
true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college?
A)Tuition revenues are reported net of tuition waivers when those waivers require service on the part of the recipient student.
B)Tuition fees waived by the institution in return for services provided by employees and student assistants are shown as expenses.
C)Interest expense is accrued and bond premiums and discounts are amortized.
D)None of the above.
70.Which of the following is true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college, operating as a special-purpose entity engaged only in business-type activities?
A)Student scholarship allowances should be reported as operating expenses as long as no services are provided.
B)Expenses are recorded when incurred.
C)Depreciation expense is not recorded.
D)None of the above.
71.Which of the following is
nottrue regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college, operating as a special-purpose entity engaged only in business-type activities?
A)The accrual basis of accounting is used.
B)Auxiliary enterprise activities represent revenues and expenses related to units of the college that provide services to students on a user fee basis.
C)Infrastructure must be reported using the modified approach.
D)All of the above are true.
72.Which of the following is true regarding the Statement of Cash Flows for a public college?
A)The direct method must be used.
B)The statement is in the same format required for state and local governmental enterprise funds.
C)Both A and B are true.
D)Neither A nor B is true.
73.Which of the following is true regarding the Statement of Cash Flows for a public college?
A)A reconciliation is required, reconciling operating income in the Statement of Revenues, Expenses, and Changes in Net Position to the cash flows provided (used) by operating activities.
B)Cash purchases of capital assets are reported as outflows in the capital related financing activities section.
C)Both A and B are true.
D)Neither A nor B is true.
74.Which of the following is true regarding the Statement of Cash Flows for a public college?
A)Cash received for interest is reported as an increase in cash flows from operating activities.
B)Cash paid for interest is reported as a decrease in cash flows from either noncapital or capital and related financing activities.
C)Both A and B are true.
D)Neither A nor B is true.
75.Which of the following statements is true regarding accounting and financial reporting for public colleges and universities?
A)Public colleges and universities may choose to report in the same manner as private colleges and universities, using FASB standards.
B)Public colleges and universities may choose to report as special-purpose entities.
C)Both A and B are true.
D)Neither A nor B is true.
76.A public college had tuition and fees for the year ended June 30, 2015 in the amount of $45,000,000. Scholarships, for which no services were required, amounted to $4,800,000. Graduate assistantships, for which services were required, amounted to $2,300,000. The amount to be reported by the college for net tuition and fee revenue would be:
A)$37,900,000.
B)$40,200,000.
C)$42,700,000.
D)$45,000,000.
77.Which of the following groups would
not
be considered a component unit of a special-purpose government, for the purposes of applying GASB
Statement
39: Determining Whether Certain Organizations Are Component Units?
A)A university foundation.
B)A hospital auxiliary.
C)A museum foundation.
D)A high school band booster club.