Unrestricted Gifts and Endowment Income of a Private University Are

question 60

Multiple Choice

Unrestricted gifts and endowment income of a private university are reported as

• A) increases in the unrestricted current fund balance on the statement of changes in fund balances.
• B) unrestricted revenues on the statement of current funds revenues, expenditures, and other changes.
• C) unrestricted revenues on the statement of activities.
• D) increases in the unrestricted current fund balance on the statement of activities.

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Definitions:

Owner's Capital

The amount of money and other assets owned by the owner of a company that has been invested in the business.

Net Loss

Occurs when a company's total expenses exceed its total revenues during a specific period, resulting in negative earnings.

Cash Revenues

Income generated from transactions that involve the immediate receipt of cash from customers.

Cash Account

An account that records cash transactions including receipts, disbursements, and balances held in cash form by an entity.