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Question: With regard to private-sector colleges and universities:

a. List the three net asset classes required under FASB Statement 117.

b. List the financial reports required under FASB Statement 117.

c. Distinguish between an endowment, a term endowment, and a quasi- endowment. Indicate the accounting required for each.

d. Outline the accounting required by the FASB for

(1) An endowment gift received in cash.

(2) A pledge received in 2011, unrestricted as to purpose but restricted for use in 2012.

(3) A pledge received in 2011, restricted as to purpose other than plant. The purpose was fulfilled in 2012.

e. Discuss the requirements necessary before contributed services are recorded as revenues.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92334661

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