For the Year Ended June 30,20X9,a University Assessed Its Students

question 12

Multiple Choice

For the year ended June 30,20X9,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 30,20X9.What amount should be reported in the fund without donor restrictions as net revenue from tuition and fees for the year ended June 30,20X9?

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

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Definitions:

Virginia

Virginia is a state in the Southeastern and Mid-Atlantic regions of the United States, known for its significant historical landmarks and diverse geography.

Common Law

A legal system based on court precedents and customs rather than written laws.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, intended to standardize and harmonize laws across states.

Trees

Perennial plants with elongated stems, or trunks, supporting branches and leaves.