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    29) In 2008 a faculty member at a private college received a

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    29) In 2008 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 $350,000. Expenses associated with the grant totaled $225,000 in 2009. In the Statement of Activities for 2009, the college should show:

    A. revenues of $225,000 and expenses of $225,000 in Unrestricted Net Assets

    B. revenues of $350,000 and expenses of $225,000 in Temporarily Restricted Net Assets

    C. expenses of $ 225,000 in Unrestricted Net Assets and a decrease in Temporarily Restricted Net Assets of $ 225,000

    D. revenues of $225,000 and expenses of $225,000 in Temporarily Restricted Net Assets

    30) All the following choices are considered a split-interest agreement, according to the Not-for-Profit Guide EXCEPT:

    A. charitable gift annuities

    B. permanent income-sharing agreements

    C. pooled (life) income funds

    D. charitable remainder trusts

    31) All the following choices would be considered a special-purpose government for financial reporting purposes EXCEPT:

    A. a public hospital

    B. an art museum

    C. a county board of supervisors

    D. a public school system

    32) Special purpose local governments engaged only in fiduciary-type activities are required to prepare all of the following financial reports EXCEPT:

    A. Statement of Changes in Fiduciary Net Assets

    B. Statement of Cash Flows

    C. MD&A

    D. Statement of Fiduciary Net Assets

    33) A public college had tuition and fees of $20,000,000. Scholarships, for which no services were required, amounted to $2,000,000. Graduate assistantships, for which services were required, amounted to $1,000,000. The amount to be reported by the public college as net tuition and fees would be:

    A. $18,000,000

    B. $19,000,000

    C. $17,000,000

    D. $20,000,000

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    Solution Preview

    29) In 2008 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 $350,000. Expenses associated with the grant totaled $225,000 in 2009. In the Statement of Activities for 2009, the college should show:

    A. revenues of $225,000 and expenses of $225,000 in Unrestricted Net Assets

    B. revenues of $350,000 and expenses of $225,000 in Temporarily Restricted Net Assets

    C. expenses of $ ...

    Solution Summary

    29) In 2008 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 $350,000. Expenses associated with the grant totaled $225,000 in 2009. In the Statement of Activities for 2009, the college should show:

    A. revenues of $225,000 and expenses of $225,000 in Unrestricted Net Assets

    B. revenues of $350,000 and expenses of $225,000 in Temporarily Restricted Net Assets

    C. expenses of $ 225,000 in Unrestricted Net Assets and a decrease in Temporarily Restricted Net Assets of $ 225,000

    D. revenues of $225,000 and expenses of $225,000 in Temporarily Restricted Net Assets

    30) All the following choices are considered a split-interest agreement, according to the Not-for-Profit Guide EXCEPT:

    A. charitable gift annuities

    B. permanent income-sharing agreements

    C. pooled (life) income funds

    D. charitable remainder trusts

    31) All the following choices would be considered a special-purpose government for financial reporting purposes EXCEPT:

    A. a public hospital

    B. an art museum

    C. a county board of supervisors

    D. a public school system

    32) Special purpose local governments engaged only in fiduciary-type activities are required to prepare all of the following financial reports EXCEPT:

    A. Statement of Changes in Fiduciary Net Assets

    B. Statement of Cash Flows

    C. MD&A

    D. Statement of Fiduciary Net Assets

    33) A public college had tuition and fees of $20,000,000. Scholarships, for which no services were required, amounted to $2,000,000. Graduate assistantships, for which services were required, amounted to $1,000,000. The amount to be reported by the public college as net tuition and fees would be:

    A. $18,000,000

    B. $19,000,000

    C. $17,000,000

    D. $20,000,000

    $2.19

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