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 ...

a Fundbased statements for governmental funds 1 Balance sheet 2 Statement of rev ...

Which standards setting body has the authority for establishing GAAP for colleges and universities? Q17-2 What financial

Question:

Which standards setting body has the authority for establishing for colleges and
universities?
Q17-2 What must be presented by a government university that engages
in only business-type activities?
Q17-3 What 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 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?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...