92.In 2013 a faculty member at a private college received a grant from the National Science Foundation to conduct basic research on tree frogs in the amount of $500,000. Expenses associated with the grant totaled $290,000 in 2014. In the Statement of Activities for 2014, the college should show:
A)Temporarily Restricted Revenues of $500,000 and Unrestricted expenses of $290,000.
B)Temporarily Restricted Revenues of $290,000 and Unrestricted expenses of $290,000.
C)Revenues of $290,000 and expenses of $290,000 in Unrestricted Net Assets.
D)Expenses of $ 290,000 in Unrestricted Net Assets and a decrease in Temporarily Restricted Net Assets of $ 290,000
93.A donor made a cash contribution of $75,000 to a private college for the purpose of acquiring a building. The private college properly recorded the gift of cash as a temporarily restricted revenue. When the building is acquired, the college should:
A)Record the building as unrestricted.
B)Show an expense equivalent to the amount paid for the building in unrestricted net assets and reclassify the same amount from temporarily restricted to unrestricted net assets.
C)Record the plant as either unrestricted or temporarily restricted, as long as a consistent policy is followed.
D) Record the building as permanently restricted.
94.A donor made a gift of cash to a private college or university in 2014 with an expressed purpose restriction. All of the funds were expended in 2014. The private college or university must:
A)Record the gift as a temporarily restricted revenue, reclassify the funds to unrestricted, and then report the expense as unrestricted.
B)Record the gift and expense as unrestricted.
C)Record the gift and expense as temporarily restricted.
D)Use either of the methods described in (a) or (b).
95.In 2013, a private college received a grant of $70,000 with purpose restrictions. In 2014 funds were expended for the purpose outlined in the gift; however, it was not possible to determine whether the restricted funds or unrestricted funds were used. The presumption should be:
A)The restricted funds would have been used first.
B)The unrestricted funds would have been used first.
C)The restricted funds and unrestricted funds would have been used equally.
D)The restricted funds and unrestricted funds would have been used, based on a weighted average of the amounts.
96.Under NACUBO guidelines, tuition waivers associated with athletic or academic scholarships should be reported as:
A)Expenses.
B)Decreases in Temporarily Restricted Net Assets.
C)Transfers.
D)Reductions in revenue.
97.Under NACUBO guidelines, tuition waivers associated with student work study programs should be reported as:
A)Expenses.
B)Decreases in Temporarily Restricted Net Assets.
C)Transfers.
D)Reductions in revenue.
98.Under NACUBO guidelines, the current period provision for uncollectible accounts should be reported as:
A)Bad debt expense.
B)Decreases in Temporarily Restricted Net Assets.
C)Transfers.
D)Reductions in revenue.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more