A Private University Received $280,000 from Student Tuition and Fees

question 13

Multiple Choice

A private university received $280,000 from student tuition and fees for the year 20X9 summer session.The session began on June 20,20X9,and ended on July 30,20X9.The university's fiscal year end is June 30.According to the AICPA College and University Audit Guide,how should the university report the $280,000 of receipts in its financial statements for the year ended June 30,20X9?

• A)Current revenue of $280,000.
• B)Current revenue of $70,000 and deferred revenue of $210,000.
• C)Deferred revenue of $280,000.
• D)Restricted current revenue of $280,000.

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Definitions:

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The slow change in solute concentration within a solution from one area to another, often resulting in diffusion.

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The force per unit area exerted against a surface by the weight of the air above that surface in the atmosphere of Earth.

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The total amount of air that the lungs can hold, which varies among individuals and is crucial for respiratory function.