Private Not-For-Profit Colleges and Universities Are Subject to the Same

question 4

True/False

Private not-for-profit colleges and universities are subject to the same FASB standards as other not-for-profit entities.

Interpret the coding for conditions associated with other endocrine, nutritional, and metabolic diseases.

Understand the calculation and effects of different inventory methods (FIFO, LIFO, Average Cost) on financial statements.

Analyze how changes in inventory levels affect cost of goods sold and net income.

Evaluate the tax implications of inventory costing methods.

---

Definitions:

Carrying Value

The book value of assets and liabilities as represented in the financial statements, excluding the market value.

Callable Bonds

Bonds that are subject to redemption (buy back) at a stated dollar amount prior to maturity at the option of the issuer.

Common Stock

Shares of ownership in a corporation, giving holders voting rights and a portion of the company's profits through dividends.

Convertible Bonds

Bonds that can be converted into a predetermined number of the issuing company's shares at certain times during the bond's life, usually at the discretion of the bondholder.