1. colleges and universities look to which standard-setting body for gaap?
a. the gasb.
b. the fasb.
c. the nacubo.
d. it depends on whether the entity is public, private, or for-profit.

2. which of the following statements is prepared by both a private and public college or university?
a. statement of net assets.
b. statement of cash flows.
c. statement of activities.
d. statement of net position.

3. which of the following is a true statement about tuition revenue in a college or university?
a. scholarships should always be reported as expenses.
b. tuition receivables estimated to be uncollectable should be reported as an operating expense.
c. refunds should be reported as deductions from gross revenue.
d. all of these statements are true.

4. a university expended $2,475,000 on a new parking facility. the transaction was reported as an investing activity on its direct method statement of cash flows. what type of university prepared the statement of cash flows?
a. a public university.
b. a for-profit university.
c. a private university.
d. either b or c.

5. last year zelnick college showed a positive revenue over expenses number for the first time in several years. the college is funded with contributions, grants, two government appropriations (state or local), and tuition and fees. zelnick college is most likely what type of college?

Which of the following statements about brand names is true? brand names give the seller an incentive to provide consistently high-quality products and services in order to protect the reputation of the brand. brand names are always economically wasteful since they dupe consumers into buying more expensive goods and services that are no different from generic versions. it is always rational to prefer brand names over generic substitutes. read the following example and determine whether it illustrates a common critique or defense of advertising. musashi sees a commercial for a brand x clothing company that depicts the wearers of the clothes out having a good time with friends. although he doesn't particularly need new clothes, the commercial prompts him to buy a brand x t-shirt.

Bridgeport company began operations at the beginning of 2018. the following information pertains to this company. 1. pretax financial income for 2018 is $115,000. 2. the tax rate enacted for 2018 and future years is 40%. 3. differences between the 2018 income statement and tax return are listed below: (a) warranty expense accrued for financial reporting purposes amounts to $7,500. warranty deductions per the tax return amount to $2,200. (b) gross profit on construction contracts using the percentage-of-completion method per books amounts to $94,700. gross profit on construction contracts for tax purposes amounts to $67,100. (c) depreciation of property, plant, and equipment for financial reporting purposes amounts to $61,800. depreciation of these assets amounts to $75,700 for the tax return. (d) a $3,600 fine paid for violation of pollution laws was deducted in computing pretax financial income. (e) interest revenue recognized on an investment in tax-exempt municipal bonds amounts to $1,500. 4. taxable income is expected for the next few years. (assume (a) is short-term in nature; assume (b) and (c) are long-term in nature.) (a) prepare the reconciliation schedule for 2017 and future years. (b) prepare the journal entry to record income tax expense for 2017. (c) prepare the income tax expense section of the income statement beginning with “income before income taxes.” (d) determine how the deferred taxes will appear on the balance sheet at the end of 2017.

For a firm that uses the weighted average method of process costing, which of the following must be true? (a) physical units can be greater than or less than equivalent units. (b) physical units must be equal to equivalent units. (c) equivalent units must be greater than or equal to physical units. (d) physical units must be greater than or equal to equivalent units.