If a Private University Receives $1,000,000 in Fiscal Year 2014

question 20

Short Answer

If a private university receives $1,000,000 in fiscal year 2014 as a grant restricted for a specific research project and makes expenditures amounting to $400,000 during fiscal year 2014 properly chargeable to the grant,how much should be reported as revenues in fiscal year 2014? Explain.

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