In a University,class Cancellation Refunds of Tuition and Fees Should

question 45

Multiple Choice

In a university,class cancellation refunds of tuition and fees should be recorded as:
I.a reduction of revenue from tuition and fees.
II.a reduction of accounts receivable.

• A)I only
• B)II only
• C)Either I or II
• D)Neither I nor II

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Definitions:

Cumulative Net Profit

The total net profit of an entity over a period, accumulating all the net profits and losses from each period within the timeframe.

Fourth Year

Usually refers to the final year of a four-year educational program, such as a high school or university degree.

Probability

The likelihood of a specific event or outcome occurring, expressed on a scale from 0 (impossible) to 1 (certain).

Cumulative Profit

Cumulative profit is the total sum of profit earned over a period of time.