09 Mar Section A lists a number of reporting requirements
Section A lists a number of reporting requirements for colleges and universities. Section B lists the standard-setting body(ies) imposing the reporting requirements. Section A ____ 1. Patents are classified as capital assets. ____ 2. Sidewalks are classified as land improvements. ____ 3. Revenues and expenses must be categorized as operating and non operating. ____ 4. Tuition and fees must be shown net of any estimated uncollectible amounts. ____ 5. Expenses must be reported by program and support (management and general, and fund-raising) function classifications. ____ 6. Statement of cash flows must be prepared using the direct method. ____ 7. The purchase of a building is reported as an investing activity on the statement of cash flows. ____ 8. The receipt of student deposits for housing is reported as a liability, Deposits Held in Custody for Others. ____ 9. The cash from a debt issuance is reported in the capital and related financing activities section on the statement of cash flows. ____10. The collection of historical first editions can be reported as a note rather than on the face of the financial statement provided certain conditions are met. Section B a. FASB standards b. GASB standards c. FASB and GASB standards Required Using the choices provided in Section B, identify whether the reporting requirement listed in Section A is a FASB standard, a GASB standard, or both a FASB and a GASB standard. View Solution: Section A lists a number of reporting requirements for colleges
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