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What is the difference between a component unit and a special purpose local government Answer the following related to accounting and financial reporting for public colleges and un

What is the difference between a component unit and a special purpose local government?

103.              Answer the following related to accounting and financial reporting for public colleges and universities:

a.              What choices exist for financial reporting by public colleges and universities, according to GASB Statement 35?

b.              Indicate the contents required for a financial report for those public colleges and universities that choose to report as special-purpose entities engaged only in business-type activities.

104.              Southeastern State University has chosen to report as a public university reporting as a special-purpose entity engaged only in business-type activities.  Deferred Revenues were reported as of July 1, 2013 in the amount of $4,800,000.  Record the following transactions related to revenue recognition for the year ended June 30, 2014.  Include in the account titles the proper revenue classification (operating revenues, nonoperating revenues, etc.):

 

1.

Deferred revenues related to unearned revenues for the summer session, which ended in August 2013.

2.

During the fiscal year ended June 30, 2014, student tuition and fees were assessed in the amount of $68,000,000.  Of that amount, $61,000,000 was collected in cash.  Also, of that amount, $4,200,000 pertained to that portion of the 2014 summer session that took place after June 30, 2014.

3.

Student scholarships, for which no services were required, amounted to $3,500,000.  Students applied these scholarships to their tuition bills at the beginning of the fall and spring semesters.

4.

Student scholarships and fellowships, for which services were required, such as graduate assistantships, amounted to $2,200,000.  These students also applied their scholarship and fellowship awards to their tuition bills at the beginning of each semester.

5.

Auxiliary enterprise revenues amounted to $8,300,000.

6.

The state appropriation for operations amounted to $33,000,000.

7.

The state appropriation for capital outlay amounted to $12,700,000.

8.

Gifts for endowment purposes amounted to $4,000,000.  Gifts for unrestricted purposes amounted to $6,000,000.  Interest income, all unrestricted, amounted to $600,000.

Jan 25 2020 Read more Less More

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