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 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
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 $ ...
Purchase this Solution
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