Differences in Accounting for Private Colleges and Universities as Compared

question 48

Multiple Choice

Differences in accounting for private colleges and universities as compared to public universities do not include which of the following:

• A) Financial statements may be presented on a fund group basis.
• B) A statement of cash flows is not required.
• C) Donor restricted contributions and unconditional pledges are recognized as revenue in the period received or promised.
• D) Donated services may be recognized as contributions if they meet FASB criteria.

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Definitions:

RC Parallel Circuit

An electrical circuit that contains both a resistor (R) and a capacitor (C) connected in parallel.

R

Symbol commonly used to represent resistance in an electrical circuit.

Reactive Power

The portion of electricity that oscillates between the source and load, essential for maintaining voltage levels in AC power systems but not converted into usable work.

Phase Angle Shift

See phase shift.