Question : 70.Which of the following would be true regarding the Statement : 1255535

 

70.Which of the following would be true regarding the Statement of Net Assets 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: invested in capital assets net of related debt, restricted and unrestricted.

C)Both of the above are true.

D)Neither of the above is true.

71.Which of the following is true regarding the Statement of Revenues, Expenses, and Changes in Net Assets 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)Depreciation expense is recognized.

C)Both of the above are true.

D)Neither of the above is true.

72.Which of the following is true regarding the Statement of Revenues, Expenses, and Changes in Net Assets for a public college?

A)All student scholarship allowances should be reported as operating expenses.

B)An all-inclusive statement should be prepared, ending with the net assets at year-end.

C)Both of the above are true.

D)Neither of the above is true.

73.Which of the following is true regarding the Statement of Revenues, Expenses, and Changes in Net Assets for a public (government-owned) college?

A)The accrual basis of accounting is used to determine the change in net assets.

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)Both of the above are true.

D)Neither of the above is true.

74.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 of the above are true.

D)Neither of the above is true.

75.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 Assets 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 of the above are true.

D)Neither of the above is true.

76.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 of the above are true.

D)Neither of the above is true

77.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 of the above.

D)Both of the above.

78.A public college had tuition and fees for the year ended June 30, 2014 in the amount of $45,000,000.  Scholarships, for which no services were required, amounted to $2,500,000.  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)$40,200,000.

B)$42,700,000.

C)$42,500,000.

D)$45,000,000.

79.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.

 

 

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