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Ch16-Acct for Gov and NonProfit Ent 15e

Ch16-Acct for Gov and NonProfit Ent 15e - COURSES >...

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Add, modify, and remove questions. Select a question type from the Add Question drop-down list and click Go to add questions. Use Creation Settings to establish which default options, such as feedback and images, are available for question creation. COURSES > ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ENTITIES:, 15/E - WILSON > CONTROL PANEL > POOL MANAGER > POOL CANVAS Pool Canvas Add Multiple Choice Creation Settings Name Chapter 16 Accounting for Colleges and Universities Description Questions which Blackboard's assessment component is incapable of supporting are not included in the export. Instructions Add Question Here Question 1 True/False Question Nongovernmental (private) colleges and universities follow FASB standards; governmental (public) colleges and universities should follow GASB standards. Answer True False Correct Feedback Since its formation in 1984 GASB has been responsible for setting financial reporting standards for government colleges and universities. FASB has responsibility for all others. Incorrect Feedback Since its formation in 1984 GASB has been responsible for setting financial reporting standards for government colleges and universities. FASB has responsibility for all others. Add Question Here Question 2 True/False Question Public colleges and universities are considered general purpose governments and are expected to be engaged in governmental activities only for purposes of their stand-alone reports. Answer True False Correct Feedback Public colleges and universities are considered special purpose governments, and most are expected to be engaged in business-type activities only. These public colleges and universities rely on tuition and fees, state appropriations, gifts and grants, income from auxiliary activities, and investment income to fund operations. Community colleges, and other colleges with the power to tax, may be engaged in both business-type and governmental activities. Incorrect Feedback Public colleges and universities are considered special purpose governments, and most are expected to be engaged in business-type activities only. These public colleges and universities rely on tuition and fees, state appropriations, gifts and grants, income from auxiliary activities, and investment income to fund operations. Community colleges, and other colleges with the power to tax, may be engaged in both business-type and governmental activities. Add Question Here Question 3 True/False Question Revenues and expenses of both public and private colleges and universities are accounted for on the accrual basis. Answer True False Correct Feedback Under GASB standards public colleges and universities engaged only in business-type activities use accrual accounting, including capitalization and depreciation of capital assets. Private colleges and universities following SFAS No. 116 and SFAS No. 117 also use accrual accounting.
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