A Private University Following the Recommendations of the National Association

question 44

True/False

A private university following the recommendations of the National Association of College and University Business Officers (NACUBO) chart of accounts for reporting expenses must disclose expenses by program and support function in the notes.

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Definitions:

Bona Fide Purchaser

An individual who purchases an item in good faith, without knowledge of any existing claims or defects on the property.

Security Interest

A legal claim or lien on collateral that secures the fulfillment of an obligation, often used in lending to ensure repayment.

Manufacturer

A company or individual that produces finished goods from raw materials in large quantities using tools, machinery, and labor.

Restaurant

A business establishment where meals or refreshments may be purchased by consumers.