A Government University Collected Unrestricted Student Fees of $200,000 and Fees

question 32

Multiple Choice

A government university collected unrestricted student fees of $200,000 and fees restricted for technology of $400,000 in the current academic year.

• A) The full $600,000 should be reported as revenues for the academic year.
• B) $200,000 should be reported as revenues and $400,000 should be reported as unearned revenues
• C) $200,000 should be reported as revenues and $200,000 as deferred revenues.
• D) $400,000 should be reported as unearned revenues and $200,000 as deferred revenues.

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Definitions:

Other Comprehensive Income (OCI)

Income that is not included in net income, including items that are not realized or not reflected in earnings.

Foreign Currency

Money or currency of a country other than one's own, used for international trade or investment.

Extraordinary Item

Unusual and infrequent gains or losses that are distinct from the regular operations of a company, reported separately in financial statements.

Income Statement

A financial statement that reports a company's revenues, expenses, and net income over a specific period, showing profitability.