Ole Miss ACCY 407 final exam Questions & Answers, Graded A+

Ole Miss ACCY 407 final exam Questions & Answers, Graded A+ Which of the following statements is prepared by both a private and public college or university? Statement of net assets. Statement of cash flows. Statement of activities. Statement of net position. - -Statement of cash flows. Which of the following is a true statement about tuition revenue in a college or university? - -Tuition waivers received as part of compensation should be recorded as an expense by both private and public colleges and universities. A university expended $2,475,000 on a new parking facility. The transaction was reported as an investing activity on its direct method statement of cash flows. What type of university prepared the statement of cash flows? - -Either a for-profit university or a private university. Last year Zelnick College showed a positive revenue over expenses number for the first time in several years. The college is funded with contributions, grants, two government appropriations (state and local), and tuition and fees. Zelnick College is most likely what type of college? - -A public university engaged primarily in business-type activities. Gresham College is a local private college. When reviewing the college's financial reports, you would expect to see which of the following categories on its statement of financial position? - -Net assets with donor restrictions and net assets without donor restrictions. How would a university account for funds received from an external donor that are to be retained and invested, with the related earnings restricted to the purchase of library books? - -Restricted—nonexpendable net position in a public university. Which of the following statements is incorrect concerning the financial reports of colleges and universities? - -Intangible assets are reported as a classification within capital assets by private entities. Many endowment management policies establish a spending rate for the college or university's endowment funds. A spending rate is best defined as - -The portion of the total return that can currently be used to carry out the endowment purpose. Which of the following is a performance measure of an outcome? - -A state survey of employers showed that 70 percent of employers ranked Beasley State University's graduates as "very well prepared" to enter the workforce.