For the Year Ended June 30,2009,a University Assessed Its Students

question 92

Multiple Choice

For the year ended June 30,2009,a university assessed its students a total of $4,000,000 for tuition and fees.Included in this amount was $300,000 of tuition remissions awarded to graduate teaching assistants,and $150,000 of scholarships awarded to undergraduate students.Tuition and fees totaling $3,550,000 were collected during the year ended June 30,2009.What amount should be reported in the unrestricted fund as net revenue from tuition and fees for the year ended June 30,2009?

• A)$4,000,000
• B)$3,550,000
• C)$3,700,000
• D)$3,850,000

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Definitions:

Soybean Oil

A vegetable oil extracted from the seeds of the soybean, used in cooking and in the production of various food products and industrial applications.

Unsaturated Fatty Acid

A fatty acid that contains one or more double bonds between carbon atoms, which can influence the fluidity of cell membranes and are often found in plant oils.

Saturated Fatty Acid

A type of fatty acid where all carbon atoms are bonded to hydrogen atoms, without any double bonds.

Lecithin

A fatty substance found in plant and animal tissues, used as an emulsifier in food products, as well as in pharmaceutical and cosmetic formulations.