Colleges And Universities

Question 1

Does public universities use FASB or GASB

Answer 1

GASB

Question 2

How to calculate net tuition revenue

Answer 2

Gross tuition revenue
- uncollectible account
- scholarships allowance
= net tuition revenue

Note:
The following are expenses
Tuition waiver
Scholarship expense

Question 3

How should Government college and university engaged in business type activities report state grant.

Answer 3

In non operating revenues

Question 4

How should private colleges and universities report grants

Answer 4

In operating revenues

Question 5

What are the financial statements for non for profit colleges and universities

Answer 5

1. B/S - equity section contains,unrestricted, temporary and permanent restricted net assets
2. Statement of activities
3. Statement of cash flows

Question 6

What financial statements are used in public colleges and universities

Answer 6

1. Statement of net position in the equity section
   A. Net investment in capital assets
   B. Restricted net position
   C. Unrestricted net position
2. Statement of rev.,exp and changes in net position
3. Statement of cash flows