For the 20X7 fall semester, Brook Public University assessed its students $4,000,000 (net of refunds), covering tuition and fees for educational and general purposes. However, only $3,700,000 was expected to be realized because tuition remissions of $80,000 were allowed to faculty members’ children attending Brook, and scholarships totaling $220,000 were granted to students.
The following expenditures were among those incurred by Cheviot Public University during 20X7:
|
Administrative data processing |
$ 50,000 |
|
Scholarships and fellowships |
100,000 |
|
Operation and maintenance of physical plant |
200,000 |
The amount to be included in the functional classification “Institutional Support” expenditures account is:
a. $50,000
b. $150,000
c. $250,000
d. $350,000
Public and private schools, multiple choice. Select the best answer for each of the following multiple-choice items dealing with universities: