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Exam 9: Accounting for Special-Purpose Entities, Including Public Colleges and Universities

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Question 31

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According to GASB Statement No.34,"General-purpose governments are thought to be those that offer more than one type of basic governmental service".

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Question 32

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Revenue for reimbursement grants may be recognized before expenditures take place as long as the grant has been awarded.

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Question 33

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Which of the following is true regarding the Statement of Revenues,Expenses and Changes in Net Assets for a public college reporting as a special purpose entity engaged in business type activities only?

Special-purpose governments that are engaged in both governmental and business-type activities or in more than one governmental activity are required to include all of the following in its financial statements except?

Special-purpose governments that are engaged in both governmental and business-type activities are required to use the full reporting model including MD&A,government-wide and fund-basis statements,notes to the financial statements and RSI.

Depending upon the circumstances,in practice public colleges and report as special purpose entities engaged in:

Special-purpose governments that are engaged in both governmental and business-type activities are permitted to combine the fund and government-wide financial statements.

Special purpose governments may be stand alone local governments or may be component units of other governments that are issuing separate reports.

A public college had tuition and fees of $21,000,000.Scholarships,for which no services were required,amounted to $1,600,000.Graduate assistantships,for which services were required,amounted to $2,500,000.The amount to be reported by the public college as net tuition and fees would be:

Which of the following would not be considered a special-purpose government for financial reporting purposes?

Special-purpose governments generally provide a single or limited set of governmental services or programs.

Which of the following is not an example of a special-purpose government?

Special-purpose governments generally provide a limited set of services or programs.

What are the required parts of the annual financial reports for special-purpose governments engaged only in fiduciary-type activities?

Public colleges and universities may choose to report as:

Assume a government is a special-purpose entity engaged in fiduciary activities only.Which of the following financial statements would be required?

Which of the following statements is true regarding accounting and financial reporting for public colleges and universities?

GASB categorizes general state appropriation as operating revenue for public colleges and universities.

Which of the following is true regarding the Statement of Cash Flows for a public college?

GASB Statement 39: Determining Whether Certain Organizations Are Component Units requires most public college foundations to be reported as discretely presented component units in the college's financial reports.