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Which of the following would not be considered a special-purpose government for financial reporting purposes?


A) A public school system.
B) An art museum.
C) A public hospital.
D) A county board of supervisors.

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GASB Statement 35 extends the provisions of GASB Statement 34 to both public and private colleges and universities.

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What is the difference between a component unit and a special purpose local government?

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Special purpose local governments may be...

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The following information applies to the next three questions: Tuition and fees for the Northern University was assessed at $22,000,000. Scholarship allowances, for which no services are required, were $1,600,000 and graduate assistantships, for which services are required, were $1,000,000. -What is the journal entry to record tuition revenue?


A) Accounts receivable 20,400,000 Operating Revenue-Student Tuition & Fees 20,400,000
B) Accounts Receivable 22,000,000 Operating Revenue-Student Tuition & Fees 22,000,000
C) Accounts Receivable 19,400,000 Operating Revenue-Student Tuition & Fees 19,400,000
D) Accounts Receivable 21,000,000 Operating Revenue-Student Tuition & Fees 21,000,000

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Revenue sources for public colleges include tuition and fees and donations. All other income is reported as unrelated business income.

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Special-purpose governments that are engaged in both governmental and business-type activities are required to use the full reporting model including MD&A,government-wide and fund-basis statements,notes to the financial statements and RSI.

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Public colleges must report tuition income net of athletic scholarships.

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The following data applies to the next two questions. •Northern University has a fiscal year end of June 30. •In June 2015, tuition and fees of $1,200,000 was assessed for the summer term that runs from June 1, 2015 through August 31, 2015. $1,200,000 was collected on June 1, 2015. -What is the journal entry on June 1 for Northern?


A) Cash and Cash Equivalents 1,200,000 Operating Revenues-Student Tuition and Fees 400,000
Deferred Revenues-Student Tuition and Fees 800,000
B) Cash and Cash Equivalents 400,000 Cash and Cash Equivalents, Reserved 800,000
Operating Revenues-Student Tuition and Fees 400,000
Deferred Revenues-Student Tuition and Fees 800,000
C) Cash and Cash Equivalents 1,200,000 Operating Revenues-Student Tuition and Fees 1,200,000
D) Cash and Cash Equivalents 1,200,000 Deferred revenue 1,200,000

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According to GASB Statement 33,with respect to public colleges and universities,pledges receivable are recognized as assets and revenues when eligibility requirements are met.

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The implementation guide for GASB Statement 34 provides a distinction by indicating that "general purpose governments are thought to be those that offer more than one type of basic governmental service.

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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.

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B

According to GASB Statement No.34,"General-purpose governments are thought to be those that offer more than one type of basic governmental service".

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Revenue for reimbursement grants may be recognized before expenditures take place as long as the grant has been awarded.

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False

According to the National Association of College and Business Officers,scholarship discounts and allowances paid by institutional funds,assuming that no services are provided by the recipients:


A) Are included in tuition revenue and recorded as an expense.
B) Are reported as a reduction of revenue by directly reducing the revenue account or increasing a contra- revenue account.
C) Are not included in tuition revenue but are included as an "other source".
D) Are reported as an adjustment to tuition revenue in the government-wide statements.

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Special-purpose governments that are engaged in only one governmental-type activity are permitted to combine the fund and government-wide financial statements

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What are the required parts of the annual financial report for special-purpose local governments engaged only in business-type activities?

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MD&A Enterprise Fund Financial Statements including: Statement of Net Position or Balance Sheet Statement of Revenues,Expenses,and Changes in Net Position Statement of Cash Flows Notes to the financial statements RSI other than MD&A,if applicable

Which of the following is true regarding the financial statements for special-purpose entities?


A) Special-purpose entities that are engaged only in one governmental activity may combine government-wide and governmental fund statements.
B) Special-purpose entities that are engaged in fiduciary activities only prepare the statements required for fiduciary funds (Statement of Fiduciary Net Position, Statement of Changes in Fiduciary Net Position) .
C) Both of the above.
D) Neither of the above.

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Which of the following is not true regarding financial reporting of special-purpose entities?


A) Special-purpose entities might be included as component units in a primary government's financial statements.
B) Special-purpose entities that engage in a single governmental activity may prepare statements that combine government-wide and governmental fund statements.
C) Special-purpose entities that are engaged only in fiduciary activities must prepare a Statement of Activities and a Statement of Fiduciary Net Position.
D) None of the above - all are true.

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A County could be either a general-purpose or a special purpose government.

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Public colleges who waive fees for graduate assistants must report tuition at the gross amount and expense the fees waived.

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