If a Private University Used the National Association of Colleges

question 35

True/False

If a private university used the National Association of Colleges and University Business Officers (NACUBO)chart of accounts for reporting expenses,it must disclose expenses by program and support function in the notes.

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Definitions:

Account Receivable

Funds that customers owe a company for products or services received but not yet compensated for.

Written Off

Written off involves removing an asset or debt from a company’s financial statements, acknowledging that the asset has lost all value or the debt cannot be collected.

Reinstated

The act of restoring something to its previous condition or position, such as reinstating an employee after suspension or a policy after being temporarily revoked.

Allowance Account

An account used in accounting to record reductions in the value of receivables, such as allowances for doubtful accounts.