A private nonprofit university, received $1,000,000 in gifts during 20X7. Of tha
ID: 2474975 • Letter: A
Question
A private nonprofit university, received $1,000,000 in gifts during 20X7. Of that amount, $500,000 was unrestricted, $300,000 was restricted for specific purposes(of which $200,000was expended), and $200,000 was restricted due to donor imposed time restrictions. What amount should be reported as revenues for the university for 20X7?
A $1000000
B $500000
C $700000
D $800000
A donor gave 200,000 shares of stock to public government university to endow two scholarships for outstanding students enrolled in the schools business school. Dividend income on these shares is to be used to fund the scholarships and the original principal represented by the shares must be maintained intact according to the terms of the endowment by the donor. The dividend income on the shares should be reported in which net asset category?
A restricted for nonexpendable purpose
B unrestricted.
C restricted for expendable purposes
D Invested in capital assets, net of related debt.
The loan fund for a public government university are used to account for assets that are:
A to be used to pay principal and interest on the long term debt of the university.
B received as loans from banks and/or other financial institutions to purchase plant assets.
C received from private donors to be used to make loans to students or staff.
D received as loans from Federal and State government agencies for restricted uses.
With regard to depreciation of fixed assets for colleges and universities:
A depreciation should be recorded for four year colleges and universities but not for community colleges.
B depreciation should be recorded for all colleges and universities, both public and private.
C depreciation should not be recorded for any colleges and universities.
D depreciation does not need to be recorded for public colleges and universities.
Funds established at a private nonprofit college by donors who have stipulated that the principal is nonexpendable but that the income generated may be expended for current operating purposes would be accounted for in the :
A Permanently unrestricted net asset class
B unrestricted net asset class
C temporarily restricted net asset class.
D restricted nonexpendable net asset class.
Explanation / Answer
A private nonprofit university, received $1,000,000 in gifts during 20X7. Of that amount, $500,000 was unrestricted, $300,000 was restricted for specific purposes(of which $200,000was expended), and $200,000 was restricted due to donor imposed time restrictions. What amount should be reported as revenues for the university for 20X7?
A $1000000
B $500000
C $700000
D $800000
A donor gave 200,000 shares of stock to public government university to endow two scholarships for outstanding students enrolled in the schools business school. Dividend income on these shares is to be used to fund the scholarships and the original principal represented by the shares must be maintained intact according to the terms of the endowment by the donor. The dividend income on the shares should be reported in which net asset category?
A restricted for nonexpendable purpose
B unrestricted.
C restricted for expendable purposes
D Invested in capital assets, net of related debt.
The loan fund for a public government university are used to account for assets that are:
A to be used to pay principal and interest on the long term debt of the university.
B received as loans from banks and/or other financial institutions to purchase plant assets.
C received from private donors to be used to make loans to students or staff.
D received as loans from Federal and State government agencies for restricted uses.
With regard to depreciation of fixed assets for colleges and universities:
A depreciation should be recorded for four year colleges and universities but not for community colleges.
B depreciation should be recorded for all colleges and universities, both public and private.
C depreciation should not be recorded for any colleges and universities.
D depreciation does not need to be recorded for public colleges and universities.
Funds established at a private nonprofit college by donors who have stipulated that the principal is nonexpendable but that the income generated may be expended for current operating purposes would be accounted for in the :
A Permanently unrestricted net asset class
B unrestricted net asset class
C temporarily restricted net asset class.
D restricted nonexpendable net asset class.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.