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

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 $ ...

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

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