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ACC 410 Week 10 Quiz 6

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ACC 410 Week 10 Quiz 6 An accountant has encountered a perplexing financial reporting issue related to the private college for which he is preparing financial statements. The issue is not specifically addressed by FASB Statements. To what standards would the accountant first look for guidance? During the current year, Luis University received a $50,000 gift from an alumna who specified that it must be used to pay travel costs for faculty to attend health care conferences in foreign countries. During the year the university spent $8,000 to support travel to a health care conference in Italy. The $8,000 disbursement will cause a NET decrease in which class of net assets? A public university had tuition and fees for the year ended June 30, 2012, in the amount of $27,000,000. Scholarships, for which no services were required, amounted to $2,100,000. Graduate assistantships, for which services were required, amounted to $1,950,000. The amount to be reported by the university as net tuition and fee revenue would be During the year, Dakota University’s board of trustees established a $500,000 fund to be retained and invested for scholarship grants. The fund earned $30,000, which had not been distributed by December 31. What amount should Dakota report in a board-designated (quasi) endowment fund’s net position at December 31? Landon College, a private college, received a $1 million donation. The donor specified that the principal of her gift could never be used for program activities, but the earnings on the principal must be used to provide scholarships to academically qualified students in the business school. The $1 million gift would increase which of the following categories of net assets? A not-for-profit university maintained as endowment of $800,000, the income of which was restricted for an annual conference on international relations. In a particular year, the market value of the endowment increased by $80,000. The university held a conference on international relations at a cost of $86,000. The university should report A not-for-profit university operates its college book-store as an auxiliary enterprise. During the year the store has revenues of $30 million and expenses of $27 million. In its statement of activities the university should report Financial statements for Smith College, a church-supported college, should be prepared according to standards set by Bristol Public School Foundation had available temporarily restricted gifts in excess of $200,000. The foundation decided to invest this money temporarily until it needs the funds for the restricted purpose. The donors had made no specific stipulations regarding investment earnings but the foundation board had voted to use the earnings on the projects for which the gift had originally been restricted. At year-end, the securities had a fair value of $200,500. The appropriate way to recognize the change in fair value is In 2014, a public university was awarded a federal reimbursement grant of $18 million to carry out research. Of this, $12 million was intended to cover direct costs and $6 million to cover overhead. In a particular year, the university incurred $4 million in allowable direct costs and received $3.4 million from the federal government. It expected to incur the remaining costs and collect the remaining balance in 2015. For 2014 it should recognize revenues from the grant of Declines in the stock market can affect the fiscal health of colleges and universities. Which of the following is the least likely reason for that? Lane College Foundation is governed by a board, some members of which are appointed by the president of Lane College and some of which are elected by the alumni. The foundation was created to solicit and accept donations on behalf of Lane College, a private not-for-profit college. Lane College and its foundation are deemed to be financially interrelated. All funds colle

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