Ch15HW1-4

What differences besides the names and contents of the three basic statements would a financial statement reader find between a public university and a private, nonprofit university?

Answer the question please What are restricted assets and how are they shown in the financial statements? Explain how restricted gifts and grants are reported by a public college or university and a private college or university?

Which of the following is most likely to be true about the financial reporting of a public college or university? Choose the correct.a. It resembles the financial reporting of private colleges and universities.b. It will continue to use its own unique style of financial reporting.c. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government.d. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.

What is the most common form for the financial statements prepared by public colleges and universities?

1. An account for expenditures does not appear in which fund? (a) Capital Projects. (b) Enterprise. (c) General. (d) Special Revenue.  2. Which of the following receipts is properly recorded as unrestricted current funds on the books of a university? (a) Tuition. (b) Student laboratory fees. (c) Housing fees. (d) Research grants.  3. The current funds group of a NFP private university includes which of the following? Annuity Funds Loan Funds (a) Yes Yes (b) Yes No (c) No No (d) No Yes

Write a 700 words that analyzes the differences between generally accepted accounting principles for public and private colleges and universities.  Explain why it is important to identify whether the institution is Public or Private.  Clarify which of the two—public or private—follow the same reporting guidelines as nongovernmental not-for-profit organizations.    Analyze, in general terms, the financial statements that must be prepared by a private college or university and those that must be prepared by a public college or university. Identify the major format differences in financial reporting for public and private colleges and universities.  Formulate an opinion about which statement provides more transparent information regarding revenues and on the amounts of restricted resources.

Indicate with choices (a) through (f ) how the following events are recorded in a private university:a. Credit Contributions—Unrestrictedb. Credit Contributions—Temporarily Restrictedc. Credit Contributions—Permanently Restrictedd. Credit Refundable Depositse. Credit Fund Balancef. No entry 1. Receipt of an unconditional cash contribution._________2. Receipt of cash to be used for a specific purpose._____________3. Receipt of an unconditional promise to give.___________4. Receipt of an unconditional promise to give over a 5-year period._________5. Receipt of investments that are to be used to set up an endowment with earnings available for operations._________6. Receipt of a fixed asset with donor-specified use for an outreach program. 7. Receipt of a conditional promise to give._________ 8. Receipt of a fixed asset with no donor restriction._________ 9. Receipt of free accounting services. _________10. Receipt of time of volunteers who helped with fundraising mailings._________ 11.…

Can you distinguish between the accounting treatment of time-restricted pledges by private and public sector colleges and universities?

Which of the following is most likely to be true about the financial reporting of a public college or university? It resembles the financial reporting of private colleges and universities. It will continue to use its own unique style of financial reporting. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.

Write a 700- to 1,050-word paper that analyzes the differences between generally accepted accounting principles for public and private colleges and universities.    Explain why it is important to identify whether the institution is Public or Private.    Clarify which of the two—public or private—follow the same reporting guidelines as nongovernmental not-for-profit organizations.      Analyze, in general terms, the financial statements that must be prepared by a private college or university and those that must be prepared by a public college or university.   Identify the major format differences in financial reporting for public and private colleges and universities.    Formulate an opinion about which statement provides more transparent information regarding revenues and on the amounts of restricted resources.

What are some of the major differences that exist between private colleges and universities and public colleges and universities that affect financial reporting?

What are the three basic financial statements required for private, nonprofit colleges and universities and what basis of accounting is used? What other statement is possible beyond these three to meet disclosure requirements?

What financial statements are required for private not-for-profit colleges and universities?

Saint Bernard University is a non-stock and non-profit educational institution. Which of the following income of the school shall be subject to income tax? Tuition fees Miscellaneous fees collected from students Rental income from idle properties collected from various tenants Book rental income from students

In the loan fund of a private or public college, each of the following types of loans would be found excepta. faculty loans.b. computer loans.c. staff loans.d. student loans.

Which of the following constitutes "unrelated activity"?   Interest income on loans to members by a credit cooperative Miscellaneous fees collected from students by a school entity School canteen income generated by the school Rental income derived by a non-profit entity from its properties None of the above

onation received for specific purpose is: a. Credited to income and expenditure account b. Shown on liabilities side of Balance sheet as Donation Fund c. Debited to income and expenditure account d. Shown as asset side of Balance sheet as Donation Fund Question 14   Question text Which among the following is not an enterprise fund in a school district? a. Athletic stadium that sell tickets to events b. Bookstores c. Public parking spaces d. Cafeteria   Question 15   Question text Rule by people is referred to as: a. Republic b. Oligarchy c. Democracy d. Monarchy

Funds received by a private college from donors who have stipulated that the principal is nonexpendable but the income generated may be expended for current operating needs would be accounted for asa. contributions—permanently restricted.b. contributions—temporarily restricted.c. contributions—unrestricted.d. fund balance increases.

Answer question please quickly What are special events? Give a few examples. Are special events conducted by the Not for Profit Organizations (NPO) reported differently on the statement of activities than special events conducted by an organization that is independent of the NPO? Private colleges and universities report temporarily and permanently restricted net assets. What, if any, comparable reporting is provided by public universities?​

You are preparing a statement of activities for the University of Richland, a private not-for-profit entity. The following questions should be viewed as independent of each other.Part 1During the current year, a donor gives $400,000 in cash to the school and stipulates that it must hold this money forever. However, any investment income earned on this money must be used for faculty salaries. During the current year, the investment earned $31,000 and, of that amount, the school has expended $22,000 appropriately to date. As a result of these events, what was the overall change in each of the following for the current year?a. Unrestricted net assets.b. Temporarily restricted net assets.c. Permanently restricted net assets.Part 2 A donor gives a large machine to the school on January 1 of the current year. It has a value of $200,000, no salvage value, and a 10-year life. The donor requires that the school keep the machine and use it for all 10 years, and the school agrees. It cannot sell…

Which of the following statements is true? Private not-for-profit universities must report depreciation expense. Public universities must report depreciation expense. Neither I nor II is true. Both I and II are true. Only I is true. Only II is true.

Imagine that you work in the accounting department of a university and your boss has asked you to explain components of revenue, expenses, and changes in net assets that are reported on the university’s statement of revenues. Discuss at least two unique situations or transactions that you may encounter. Describe any circumstances the entity may engage in activities that result in Unrelated Business Income Tax (UBIT).

The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 unrestricted, $200,000 temporarily restricted, and $100,000 permanently restricted. The following transactions occur during the year. Prepare journal entries for each transaction. Then determine the end-of-year balances for unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets by creating a statement of activities. Charged students $1.2 million in tuition. Received a donation of investments that had cost the owner $100,000 but was worth $300,000 at the time of the gift. According to the gift’s terms, the university must hold the investments forever but can spend the dividends for any purpose. Any changes in the value of these securities must be held forever and cannot be spent. Received a cash donation of $700,000 that must be used to acquire laboratory equipment. Gave scholarships in the amount of $100,000 to…

The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 unrestricted, $200,000 temporarily restricted, and $100,000 permanently restricted. The following transactions occur during the year.Prepare journal entries for each transaction. Then determine the end-of-year balances for unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets by creating a statement of activities.a. Charged students $1.2 million in tuition.b. Received a donation of investments that had cost the owner $100,000 but was worth $300,000 at the time of the gift. According to the gift’s terms, the university must hold the investments forever but can spend the dividends for any purpose. Any changes in the value of these securities must be held forever and cannot be spent.c. Received a cash donation of $700,000 that must be used to acquire laboratory equipment.d. Gave scholarships in the amount of…