98.Which of the following student tuition or fee reductions should be listed as a reduction in revenue?
A) Graduate Assistantships.
B) Athletic or Academic Scholarships.
C) Work-Study Programs.
D) None of the Above.
99.Inflows from self-supporting university operations, known as auxiliary enterprises, are classified as
A) Unrestricted.
B) Temporarily Restricted.
C) Permanently Restricted.
D) Either A or B.
100.An alumpledges $9,000 to GreystoneCollege in 2015on the condition that matching funds are raised. The matching funds are raisedin 2016, how much revenue will Greystone College recognize in 2015?
A)$ 0.
B)$3,000.
C)$6,000.
D)$9,000.
101.If the receivable for a student is $9,000 and the student pays only $1,000 as the result of receiving a work study appointment from the school, what would be the appropriate debits?
A) Debit Cash and Debit Discount on Revenue.
B) Debit Cash and Debit Expense.
C) Debit Cash and Debit accounts receivable.
D) Debit Cash.
102.If the receivable for a student is $8,000 and the student pays only $500 as the result of receiving an athletic scholarship from the school, what would be the appropriate debits
A) Debit Cash.
B) Debit Cash and Debit Expense.
C) Debit Expense.
D) Debit Cash and Debit Tuition Discount on Accounts Receivable.
103.The equity section of the balance sheet for investor-owned colleges and universities includes which of the following designations?
A) Unrestricted Net Assets, Temporarily Restricted Net Assets, and Permanently Restricted Net Assets.
B) Paid in Capital and Retained Earnings.
C) Net Investment in Capital Assets, net of related Debt; Restricted Net position; and Unrestricted Net position.
D) None of the above.
104.The NACUBO Financial Accounting and Reporting Manual treats estimates of uncollectible student accounts as:
A) Bad debt expense.
B) Reduction in revenue.
C) Other financing uses.
D) None of the above.
105.When summer school classes at a university cover parts of two fiscal years, the revenues and expenses are
A) All recognized in the second of the two years.
B) Apportioned to the two fiscal years.
C) Recognized in the year in which the term was predominantly conducted.
D) All recognized in the first of the two years.
106.Which of the following is an example of a temporarily restricted revenue?
A) Tuition and fees.
B) Contribution for plant acquisition.
C) Auxiliary enterprises.
D) Quasi- Endowment.
107.Student scholarships for which no service was required were applied to student accounts in the amount of $5,000. What is the journal entry to record this event?
A)Debit: Tuition discount-Unrestricted-Student aid $5,000 Credit: Accounts Receivable $5,000.
B) Debit: Scholarship Expense $5,000 Credit: Accounts Receivable $5,000.
C) Debit: Tuition waiver $5,000 Credit: Loan to student $5,000.
D) None of the above.
108.Sam Smith died, leaving a will that provided that $1,000,000 be transferred to a not-for-profit hospital. The hospital is to invest the funds for 10 years and give $40,000 each year to the granddaughter. At the end of the 10 years, the $1,000,000 can be used for any purpose desired by the hospital. Which of the following is true?
A)The hospital would record revenue in the amount of $1,000,000, increasing temporarily restricted net assets.
B)The hospital would record revenue in an amount equal to the $1,000,000 less the present value of the 10 payments to the granddaughter.
C)The hospital would record revenue in an amount equal to the present value of the 10 payments to the granddaughter.
D)The hospital would not record revenue for 10 years; then a revenue would be recorded, increasing unrestricted net assets.