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Which of the following is not 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) The accrual basis of accounting is used.
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) Infrastructure must be reported using the modified approach.
D) All of the above are true.

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What are the required parts of the annual financial reports for special-purpose governments engaged only in fiduciary-type activities?

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MD&A
Fiduciary Fund Financial Statements...

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Indicate the financial reporting rules for each of the following special-purpose entities (which category of special-purpose entity),and indicate the financial statements that would be required: a.A township that assesses property for taxation,provides road maintenance,and provides welfare assistance. b.A fire protection district that engages in protection of property in unincorporated areas from fires. c.An independent tollway authority,not the component unit of any other government. d.An independent statewide pension plan. e.A public college.

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a.This township would be a special-purpo...

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Public colleges and universities may choose to report as:


A) Special-purpose entities engaged in governmental and business-type entities.
B) Special-purpose entities engaged in business-type activities only.
C) Either (A) or (B) depending on the nature of their operations.
D) Neither (A) nor (B) .

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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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Special purpose governments must be stand-alone local governments.

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Higher education institutions that report as special purpose entities engaged in business-type activities only should report the same net asset classifications (Net investment in capital assets,restricted,unrestricted)as are reported in the government-wide statement of Net Position.

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No public colleges have the power to issue debt; it must be issued by the state as general obligation debt.

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Which of the following is not an example of a special-purpose government?


A) Village government
B) Tollway authority
C) Library district
D) Fire protection districts

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The Implementation Guide for GASB Statement No.34 provides a distinction between general-purpose governments and special-purpose governments. Discuss the difference between the two.

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According to GASB Statement No.34,"Gener...

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Depending upon the circumstances,in practice public colleges and report as special purpose entities engaged in:


A) Business-type activities only.
B) Both governmental and business-type activities.
C) Governmental activities only.
D) Any one of the above.

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Public colleges who waive fees for graduate assistants must report tuition income net of the fees waived.

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Which of the following is an example of a special-purpose government?


A) Park district
B) Village government
C) Township government
D) City government

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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 A and B are true.
D) Neither A nor B is true.

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Most public colleges and universities choose to report as general-purpose entities engaged in only business-type activities.

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Which of the following is true?


A) Tuition and fees charged are included in income and the fees waived for graduate assistants are expensed.
B) Scholarship allowances for which no services are required are expensed.
C) Fees waived for graduate assistantships for which services are required are deducted directly from tuition revenue.
D) Revenues for summer sessions are recorded in deferred revenues and recorded as revenue when the semester ends.

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Northern University received state appropriations as follows: •Unrestricted general purposes $1,300,000 •Capital outlay,set aside for specific projects 1,700,000 What is the journal entry to record this event?


A) Cash and Cash Equivalents 1,300,000 Restricted Cash and Cash Equivalents 1,700,000
Nonoperating Revenues - State Appropriations 1,300,000
Capital Appropriations 1,700,000
B) Cash and Cash Equivalents 3,000,000 Nonoperating Revenues - State Appropriations 1,300,000
Capital Appropriations 1,700,000
C) Cash and Cash Equivalents 3,000,000 Nonoperating Revenues - State Appropriations 1,300,000
Nonoperating Revenues-Capital Appropriations 1,700,000
D) Cash and Cash Equivalents 1,700,000 Restricted Cash and Cash Equivalents 1,300,000
Nonoperating Revenues - State Appropriations 1,700,000
Capital Appropriations 1,300,000

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GASB requires that educational institutions who engage in business-type activities and issue debt account for the debt by:


A) Recording the debt service as an expenditure as it becomes due.
B) Recording the interest as an expense when it is due and payable.
C) Recording the principal net of any premium or discount when the debt is issued and expense the interest as it is paid.
D) Recording the interest expense on the accrual basis, including amortizing the premium or discount, if applicable.

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Special-purpose governments that are engaged in both governmental and business-type activities are permitted to combine the fund and government-wide financial statements.

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Which of the following is not true regarding the Statement of Revenues,Expenses and Changes in Net Position for a public college reporting as a special purpose entity engaged in business type activities only?


A) The accrual basis of accounting is used to measure revenues and expenses.
B) Encumbrances are recorded at the time purchase orders are issued.
C) Depreciation expense is recorded.
D) All of the above are true.

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