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:

Non Est Factum

A defense in contract law where a party claims they were mistaken about the nature of the document signed, not merely its terms.

Caveat Emptor

A Latin phrase meaning "let the buyer beware," placing the responsibility on the buyer to perform due diligence before making a purchase.

Equitable Remedy

A court-ordered action typically taken to prevent or resolve harm rather than monetary compensation, aiming to ensure fairness.

Statutory Assignment

The transfer of rights or benefits from one party to another as regulated and permitted by law.