Exhibit 9-1 is an extract from the University of Saskatchewan€™s 2012/13 annual report. (Most post-secondary institutions in Canada have a fiscal year that ends on March 31, so it includes transactions from part of two calendar years.)

Required:
a. Explain, in your own words, what deferred revenue represents in general. Also identify three types of transactions that could have given rise to the deferred revenue in Note 11 above.
b. Your own university€™s or College€™s most recent financial statements are generally available on-line through its website. Obtain a copy and determine the amount of the institution€™s deferred revenue.

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●e:11:1105 XHIBIT 9-1 EXCERPT FROM THE UNIVERSITY OF SASKATCHEWAN'S 2012/13 ANNUAL REPORT 11. Deferred Revenue May 1 2011 $4,063 387 April 30 2013 2012 $8,177 553 Student fees $5,844 Unearmed revenue-ancillary operations 629