Question

Which standards setting body has the authority for establishing GAAP for colleges and
universities?
Q17-2 What financial statements must be presented by a government university that engages
in only business-type activities?
Q17-3 What financial statements must be presented by a government university that engages
in both governmental and business-type activities?
Q17-4 What fund types should be used for a government university engaged in both govern-
mental and business-type activities?
Q17-5 Why are some scholarships reported as revenue deductions and others as expenses?
Q17-6 A government university charges tuition (at standard rates) of $3,000,000. The univer-
sity grants scholarship waivers to students of $100,000. How much tuition revenue should the
university report? What if the waivers are for employees of the university in accordance with
university fringe benefit policies?
Q17-7 When should permanent endowment gifts be recognized as revenues by a government
university?
Q17-8 What is an auxiliary enterprise? How is it accounted for and reported by colleges and
universities?
Q17-9 When are earnings of endowments reported as revenue? Might the principal of such
gifts also be reported as revenue? Explain.
Q17-10 Distinguish between the key accounting aspects of annuity gifts and life income gifts.
Q17-11 How should government college and university revenues and expenses be classified
for external financial reporting purposes?
Q17-12 How are uncollectible accounts for tuition and fees reported in a government univer-
sity’s operating statement?


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  • CreatedOctober 25, 2014
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