Unrestricted Current Funds of a Private University Designated by the Governing

question 121

Multiple Choice

Unrestricted current funds of a private university designated by the governing board for a specific future purpose should be reported as part of:

• A) unrestricted net assets.
• B) temporarily restricted net assets.
• C) board-restricted net assets.
• D) term endowments.

---

Definitions:

Bonus

An extra payment made to an employee beyond their normal salary, often reflecting their performance or company success.

Gross Cost

The total cost incurred before any deductions, such as discounts or rebates, are applied, representing the full price of a product or service.

Commission

A fee paid for services, typically a percentage of the total cost.

Principals

The original amount of money loaned or invested, excluding any interest or earnings.