Chapter 13

Question 0

auxiliary enterprises

Answer 0

units of colleges, universities, or other not-for-profit entites that charge for the services they provide and whose activities are conducted on a business-type basis.

Question 1

appropriations

Answer 1

amount authorized by a legislative body for a department or to make expenditures and incur liabilities for a specified purpose.

Question 2

endowment

Answer 2

sum of cash, investments, or other assets, generally received as gift, of which only the income, not the principal, may be expected

Question 3

permanent endowment

Answer 3

sum of cash, investments, or other assets, generally received as gift, of which only the income, not the principal, may be expended

Question 4

quasi-endowment fund

Answer 4

fund maintained to account for assets to be retained and invested as if they were contractually required endowment

Question 5

scholarships

Answer 5

financial aid award for a student to further education; can be awarded based on criteria that reflect the values and purposes of the donor

Question 6

student-aid

Answer 6

money intended to help pay educational expenses at a college or university.

Question 7

term endowment

Answer 7

endowment in which the principal may be expended after a specified number of years

Question 8

Public colleges main sources of revenue

Answer 8

state appropriations and grants

Question 9

private college main sources of revenues are

Answer 9

student tuition, investments and fees

Question 10

Publice colleges use ______ standards

Answer 10

GASB

Question 11

Private colleges use ______ standards

Answer 11

FASB

Question 12

Required financial statements for public colleges

Answer 12

statement of net assets
statement of revenues, exp, and changes in net assets
Statement of cash flows

Question 13

Required financial statements for private colleges

Answer 13

statemt of financial position
statement of activities
statement of cash flows

Question 14

Both government and private colleges classify revenues

Answer 14

by source

Question 15

Both public and private colleges classify expenses by

Answer 15

function,
accural basis
(and program functions)

Question 16

Grants and contracts are treated as ________ or _______ at colleges and universities

Answer 16

exchange

nonexchange