A Public University Had Tuition and Fees for the Year

question 12

Multiple Choice

A public university had tuition and fees for the year ended June 30, 2015, in the amount of $27,000,000.Scholarships, for which no services were required, amounted to $2,100,000.Graduate assistantships, for which services were required, amounted to $1,950,000.The amount to be reported by the university as net tuition and fee revenue would be

• A)$27,000,000
• B)$25,050,000
• C)$24,900,000
• D)$22,950,000

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Definitions:

Excess Land Allocation

The process of distributing land beyond what is needed for operational purposes, often for sale or development.

Book Value

The net value of a company's assets as found on its balance sheet, calculated as total assets minus intangible assets (patents, goodwill) and liabilities.

Consolidated Net Income

The total net income of a parent company and its subsidiaries after eliminating intra-group transactions and distributions.

Fair Value Allocations

The process of assigning fair value to the individual assets and liabilities acquired during a business combination.