In June 2015,a Public University Bills and Collects $45 Million

question 32

Multiple Choice

In June 2015,a public university bills and collects $45 million in tuition for the summer semester that runs from June 1 through July 15.In addition,in May and June it bills $300 million for the fall semester that runs from September 1 through December 15.Of this amount it collects only $120 million expecting to collect the balance prior to September 1) .In its statement of revenues,expenses,and changes in net position for the fiscal year ending June 30,2015 it should recognize as tuition revenue

• A)$30 million
• B)$45 million
• C)$150 million
• D)$165 million

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Definitions:

Trade Deficit

A situation in which a country's imports of goods and services exceed its exports, indicating that it is buying more from other countries than it is selling to them.

Exports

Items or services transferred from one country to another for commerce or trading.

Imports

Goods and services brought into a country from abroad for sale.

Trade Deficit

It occurs when a country's imports exceed its exports over a certain period, leading to more money leaving the country than entering it.