Question : 59.Private colleges and universities (primarily) subject to financial reporting standards : 1255349

59.Private colleges and universities are (primarily) subject to financial reporting standards issued by?

A) GASB.

B) FASB.

C) AICPA.

D) None of the above.

60.Public colleges and universities are (primarily) subject to financial reporting standards issued by:

A) GASB.

B) FASB.

C) AICPA.

D) None of the above.

61.Private universities follow the authoritative standards of _____ and use the _____ basis of accounting.

A) FASB, Accrual.

B) FASB, Modified-accrual.

C) GASB, Accrual.

D) GASB, Modified-accrual.

62.A government owned college follows whose standards?

A. FASB because GASB doesn’t have standards for universities.

B. GASB.

C. AICPA

D. None of the above.

63.In addition to a Statement of Financial Position and a Statement of Activities, a private college or university is required to present:

A)A Statement of Functional Expense.

B)A Statement of Cash Flows.

C)Both (a) and (b).

D)Neither (a) nor (b).

64.Private colleges are required to report net assets in the following categories:

A)Unrestricted and Restricted

B)Temporarily Restricted , Permanently Restricted and Unrestricted

C)Unrestricted, Temporarily Restricted and board designated

D)Restricted, Unrestricted and Temporarily Restricted

65.The three classes of net assets required to be presented by a private college or university are:

A)Permanently Restricted, Temporarily Restricted, and Unrestricted.

B)Reserved, Unreserved, and Undesignated.

C)Invested in Capital Assets net of Related Debt, Restricted, and Unrestricted.

D)Educational and General, and Auxiliary Enterprises

66.If a donor were to contribute money with instructions that the funds be invested for a period of time and then released to be used for any purpose, this would be called a(n):

A)Permanent endowment

B)Term endowment

C)Quasi-endowment

D)Unrestricted endowment

67.Which of the following would not be correct with respect to accounting for colleges and universities under the jurisdiction of the FASB?

A)If both unrestricted and restricted resources are available for a restricted purpose, the FASB requires that the institution recognize the use of unrestricted resources first

B)Accrual accounting is used.  Revenues and expenses are reported at gross amounts and gains and losses are reported net.

C)Expenses are reported by function, either in the statements or in the notes

D)If an institution decides not to capitalize museum and other inexhaustible collections, note disclosures are required regarding the collections

68.Which of the following would not be correct with respect to accounting for colleges and universities under the jurisdiction of the FASB?

A)Contributed services should be recognized only when the services create or enhance nonfinancial assets or require specialized skills, are provided by an individual possessing those skills, and would typically be purchased if not provided by donation

B)Multiyear pledges are recorded as restricted revenue and receivable for the gross amount of the pledge when the pledge is made

C)Depreciation is recorded

D)Investments in stock with determinable fair values and all debt securities are reported at market value