A Private University Received $18,000,000 in Tuition and Fees During

question 83

Multiple Choice

A private university received $18,000,000 in tuition and fees during an academic year.Graduate assistantships,for which services were required,were awarded in the amount of $1,200,000.Scholarships,for which no services were required,were awarded in the amount of $1,400,000.The net tuition and fees that would be reported in the Statement of Activities would be:

• A) $18,000,000.
• B) $16,800,000.
• C) $16,600,000.
• D) $15,400,000.

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Definitions:

Consideration

Something of value (such as goods, services, money, or a promise) exchanged between parties in a contract.

Preexisting Contract

An agreement that was already in place before certain actions were taken or before a dispute arose.

Modification

The act of making changes or alterations to something, such as a document or agreement, often to improve it or make it more suitable.

Past Consideration

Refers to something given or an action that has been taken in the past, which cannot legally serve as a consideration for a present contract.