Which of the Following Items Would Not Affect the Amounts

question 53

Multiple Choice

Which of the following items would not affect the amounts reported in the Revenues and Gains section of the statement of activities for a private college or university?

• A) Student tuition and fees.
• B) Tuition and fees discounts and allowances.
• C) Net assets released from restriction.
• D) Deferred revenues.

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Definitions:

Useful Life

The estimated period of time over which an asset is expected to be used by an organization before it is fully depreciated.

Accrued Revenue

Income that has been earned but not yet received or recorded at the date of the financial statements.

Deferred Revenue

Revenue that has been received by a company for goods or services yet to be delivered or performed.

Accrued Expense

An accounting term referring to an expense that has been incurred but not yet paid, leading to an accounts payable.