Not-for-profit health care organization financial statements include a

.Not-for-profit health care organization financial statements include a
a. Statement of Cash Flows
b. Statement of Activities

c. Statement of Revenues, Expenses, and
Changes in Fund Balance
d. Statement of Budget to Actual

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2. Not-for-profit health care organization financial statements include a
a. Statement of Net Assets
b. Statement of Activities

c. Statement of Operations
d. Statement of Budget to Actual

3.A not-for-profit health care organization Statement of Operations displays the
a. cash balance at the end of the year
b. amount of operating income

c. net cash used by operating activities
d. classified net assets

4. When the Allowance for Doubtful Accounts is adjusted, the expense is charged to
a. Charity Care
b. Provision for Bad Debts

c. Doubtful Account Expenses
d. Reservation of Fund Equity

5.Public colleges and universities follow accounting standards issued by
a. GASB
b. FASB
6.

c. AICPA
d. NACUBO

GASB Statement No. 35 requires governmental colleges and universities to
a. follow the GASB Statement No. 34
financial reporting model
b. produce a Statement of Operations

c. use the 1995 AICPA Audits of Colleges
and Universities financial reporting model
d. only use the modified approach for
infrastructure assets

7. A college or university is classified as governmental if
a. the governing board is appointed by the
c. the governing board is publicly elected
college president
b. the university pays corporate income taxes d. all of the above
8. The Coleville Community College can levy taxes, issue tax-exempt debt and the governing board
is publicly elected. The Coleville Community College is a
a. private not-for-profit organization
b. governmental organization

c. business-type activity
d. both b and c are correct

9. Governmental colleges and universities implementing GASB Statements No. 34 and 35 will
a. no longer use funds

c. use invested in capital assets net of related
debt, restricted and unrestricted net asset
classes
b. use restricted, unrestricted and temporarily d. none of the above
restricted net asset classes
10.Colleges and universities may elect to record transactions directly into net asset classes rather than
a. the Statement of Activities
b. the Statement of Operations

c. funds
d. liabilities

11. Governmental colleges and universities display student financial aid as a(n)
a. discount
b. expense

c. it is not displayed
d. expenditure

12.A public college provides scholarship assistance of $8,000,000 to its students. When the students
register for classes the college applies $7,500,000 of the financial aid to their tuition and fee bills
of $10,000,000 and students receive $500,000 in cash. The amount that will be recognized as
tuition and fee revenue by the college is
a. $10,000,000
b. $2,000,000

c. $2,500,000
d. $9,500,000

13. A public university bills $80,000,000 in tuition and fees and provides $23,000,000 in financial
aid. The university refunds in cash $800,000 of this financial aid directly to students.
What amount will the university report as tuition and fee revenue?
a. $80,000,000
b. $79,200,000

c. $57,000,000
d. $57,800,000

14. A public college has tuition and fee billings of $30,000,000 and provides $6,000,000 in financial
aid to students. The students apply $5,200,000 of this financial aid to their tuition and fee bill and
take the excess in cash. What amount is reported as an expense for financial aid?
a. $6,000,000
b. $5,200,000

c. $800,000
d. $6,800,000

15.A public college and university have tuition and fee revenue of $18,000,000 for the summer
semester that bridges two fiscal years. Sixty percent of the instruction takes place in the next
fiscal year and the university decides to allocate the revenue on that basis. The journal entry to
record this transaction in the current fiscal year will include
a. $10,800,000 in revenue

c. $10,800,000 in deferred revenue

b. $18,000,000 in revenue

d. $7,200,000 in deferred revenue

16.A patron gets a call from the Metropolitan Opera Society and pledges $1,000 to be used for general
operations. The Metropolitan Opera Society will record
a. Contribution Revenue – Unrestricted
b. Contribution Revenue – Temporarily
Restricted

c. Contribution Revenue – Permanently
Restricted
d. nothing because it is only an oral pledge

17.The Humane Society conducts a fund-raising drive by telephone and has total pledges of $55,000
and notes on other possible donors who were still considering making pledges of $8,000. What
amount of contribution revenue will be recorded?
a. $55,000
b. $63,000

c. $8,000
d. Zero

18. A donor makes a pledge to the zoo of $8,000 that will be paid in four installments of $2,000 each
this year. The first installment of $2,000 is mailed in with the pledge card and the zoo will record
a. Contribution Revenue – Temporarily
Restricted of $8,000
b. Contribution Revenue – Temporarily
Restricted of $6,000

c. Contribution Revenue – Unrestricted of
$2,000
d. both b and c

19. A local charity received a $1,000 pledge that the donor agrees to pay next year. This is a(n)
a. unconditional, unrestricted contribution
b. unconditional, restricted contribution

c. conditional, unrestricted contribution
d. conditional, restricted contribution