Question

A balance sheet of Blue University, a not-for-profit institution, is shown as follows. This balance sheet was drawn from the university’s internal accounts, which are maintained according to the 1973 AICPA model fund structure. Recast the fund balances (net assets) section of the balance sheet so that it conforms to the net assets section of a balance sheet per FASB Statement No. 117. Assume that the balance sheet reports all amounts in a single column (i.e., as in the totals column of the balance sheet presented). However, divide the net assets section into three separate sections, each of which conforms to one of the three categories of restrictiveness required by Statement No. 117. Report each fund balance (category of net assets) on the new balance sheet within one of the three categories. Make appropriate assumptions as to the type of restriction that applies to each of the funds.


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  • CreatedApril 29, 2015
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