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ACC 460 Wk 5 - Practice: Wk 1 Knowledge Check

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ACC 460 Wk 5 - Practice: Wk 1 Knowledge Check

A skilled carpenter installed a roof on a new administrative building for a private not-for-profit free of charge. The not-for-profit would have had to pay $1,800 for this service if not donated. What entry should the not-for-profit make?

Multiple Choice

No entry is required for this event.

Capital Expenditures$18,000 

Contribution revenue $18,000

Building$18,000 

Contribution revenue $18,000

Supporting Service expense$18,000 

Contribution revenue $18,000

 

A donor gave $25,000 at the beginning of January 1, 2019 to a private not-for-profit organization to use for scholarships. In January 1, 2020, scholarships of $35,000 were awarded. How would scholarship expense be reported in the Statement of Activity for January 1, 2020?

Multiple Choice

$10,000 under net assets without donor restrictions.

$35,000 under net assets with donor restrictions.

$10,000 under net assets without donor restrictions and $25,000 under net assets with donor restrictions.

$35,000 under net assets without donor restrictions.

 

A donor gave $1,200,000 to a private not-for-profit organization to be held in endowment. In addition, the governing board permanently designated $500,000 to the endowment. In the Statement of Financial Position, how should these amounts be classified?

Multiple Choice

Net assets with donor restrictions: $700,000; Net assets without donor restrictions: $500,000

Net assets with donor restrictions: $1,900,000; Net assets without donor restrictions: $0

Net assets with donor restrictions: $0 ; Net assets without donor restrictions: $1,900,000

Net assets with donor restrictions: $1,200,000; Net assets without donor restrictions: $500,000

 

 

Tuition and fees for Northern University were assessed at $22,000,000. $1,600,000 of the amount due from students was later reduced by need based scholarships. Graduate assistantships and work-study stipends reduced the amounts collectible from student by an additional $1,000,000.

 

What is the journal entry to record tuition revenue?

Multiple Choice

Accounts receivable20,400,000 

Operating Revenue-Student Tuition & Fees 20,400,000

Accounts receivable19,400,000 

Operating Revenue-Student Tuition & Fees 19,400,000

Accounts receivable21,000,000 

Operating Revenue-Student Tuition & Fees 21,000,000

Accounts receivable22,000,000 

Operating Revenue-Student Tuition & Fees 22,000,000

 

 

On December 1, 2019, St. Sebastian University received cash of $30,000 and a pledge for another $60,000 to be paid in 2020. The amounts are to establish a permanent endowment to provide scholarships for music majors. How should this event be recorded on December 31, 2019, assuming St. Sebastian is a private university?

Multiple Choice

Restricted Cash30,000 

Contributions receivable60,000 

Contribution Revenue: With Donor Restrictions 90,000

Restricted Cash30,000 

Contributions receivable60,000 

Contribution Revenue: With Donor Restrictions 30,000

Deferred Revenues 60,000

Restricted Cash30,000 

Contributions receivable60,000 

Contribution Revenue: Temporarily restricted 90,000

Restricted Cash30,000 

Contribution Revenue: With Donor Restrictions 30,000

 

 

Private colleges are required to report residual equity in the following categories:

Multiple Choice

Unrestricted and Restricted.

Net Assets with Donor Restrictions, Net Assets without Donor Restriction.

Net Position with Donor Restrictions, Net Position without Donor Restriction.

Unrestricted Net Position, Restricted Net Position, and Net Investment in Capital Assets.

 

 

Which of the following is true with respect to hospitals. What amount should be reported in revenues and provision for bad debt for these items?

Multiple Choice

Private not-for-profit and for-profit hospitals record depreciation expense, but government-owned hospitals do not.

Private not-for-profit and for-profit hospitals report residual equity within the categories of Net Assets with Donor Restrictions or Net Assets without Donor Restrictions, but government-owned hospitals do not.

Private not-for-profit and for-profit hospitals may report cash flows from operating activities on the indirect method, but government-owned hospitals may not.

All of the choices are true.

 

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