COUC 506 QUIZ SEXUALITY CHILDREN
AND ADOLESCENTS INTEGRATION OF
SPIRITUALITY AND COUNSELING D16
ACTUAL EXAM PAPER 2026 QUESTIONS
WITH ANSWERS GRADED A+
⩥ Under GASB standards, public colleges and universities are
considered general purpose governments. Answer: False
⩥ The accrual basis of accounting is used to record revenues and
expenses of both public business-type and private colleges and
universities. Answer: True
⩥ A private college would record a federal grant received to test a
medical device that the federal government intends to patent as
Contributions-Temporarily Restricted. Answer: False
⩥ Contributions or grants restricted by an external donor for a particular
operating purpose would be reported as increases to restricted fund
balances by a public college or university engaged only in business-type
activities and as an addition to temporarily restricted net assets by a
private college or university. Answer: False
, ⩥ Tuition refunds are recorded by debiting Tuition and Fees-
Unrestricted. Answer: True
⩥ A private university following the recommendations of the National
Association of College and University Business Officers (NACUBO)
chart of accounts for reporting expenses, must disclose expenses by
program and support function in the notes. Answer: True
⩥ Assets set aside for an endowment by a university governing board
would be reported as unrestricted. Answer: True
⩥ Earnings on a private college's endowment investments may increase
unrestricted or temporarily restricted net assets, or both. Answer: True
⩥ Receipt of a $500,000 gift by a private college that must be invested,
the earning of which are to be used to support a "chaired" professorship
in accounting, would be recorded as an increase in temporarily restricted
net assets. Answer: False
⩥ An annuity agreement requires that a college pay the donor (or other
designated individual) a fixed dollar amount at specified time intervals.
Answer: True
AND ADOLESCENTS INTEGRATION OF
SPIRITUALITY AND COUNSELING D16
ACTUAL EXAM PAPER 2026 QUESTIONS
WITH ANSWERS GRADED A+
⩥ Under GASB standards, public colleges and universities are
considered general purpose governments. Answer: False
⩥ The accrual basis of accounting is used to record revenues and
expenses of both public business-type and private colleges and
universities. Answer: True
⩥ A private college would record a federal grant received to test a
medical device that the federal government intends to patent as
Contributions-Temporarily Restricted. Answer: False
⩥ Contributions or grants restricted by an external donor for a particular
operating purpose would be reported as increases to restricted fund
balances by a public college or university engaged only in business-type
activities and as an addition to temporarily restricted net assets by a
private college or university. Answer: False
, ⩥ Tuition refunds are recorded by debiting Tuition and Fees-
Unrestricted. Answer: True
⩥ A private university following the recommendations of the National
Association of College and University Business Officers (NACUBO)
chart of accounts for reporting expenses, must disclose expenses by
program and support function in the notes. Answer: True
⩥ Assets set aside for an endowment by a university governing board
would be reported as unrestricted. Answer: True
⩥ Earnings on a private college's endowment investments may increase
unrestricted or temporarily restricted net assets, or both. Answer: True
⩥ Receipt of a $500,000 gift by a private college that must be invested,
the earning of which are to be used to support a "chaired" professorship
in accounting, would be recorded as an increase in temporarily restricted
net assets. Answer: False
⩥ An annuity agreement requires that a college pay the donor (or other
designated individual) a fixed dollar amount at specified time intervals.
Answer: True
