Exhibit 9.6 is an extract from the University of Saskatchewan’s 2015/16 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.)

EXHIBIT 9.6 Excerpt from the University of Saskatchewan’s 2015/16 Annual Report

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.

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11. Deferred Revenue April 30 2016 2015 2014* Student fees Unearned revenue-ancillary operations $5,350 7,048 $5,321 $5,771 2,009 7,226