If a Private University Receives $1,000,000 in Fiscal Year 2017

question 7

Essay

If a private university receives $1,000,000 in fiscal year 2017 as a grant restricted for a specific research project and makes expenditures amounting to $400,000 during fiscal year 2017 properly chargeable to the grant,how much should be reported as revenues in fiscal year 2017? Explain.

---

Definitions:

Sensorimotor

Refers to a developmental stage in infants where they learn to interact with the world through physical movements and sensory experiences.

Concrete Operational

A stage in Piaget's theory of cognitive development, where children aged around 7-12 years gain the ability to think logically about concrete events.

Concrete Operations

a stage in Piaget's theory of cognitive development, where children aged 7 to 12 years become capable of logical thought processes but are not yet able to handle abstract reasoning.

Conservation Tasks

Cognitive tests used in developmental psychology that measure a child's ability to understand that certain properties of objects can remain the same despite changes in the object's form or appearance.