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.
Assets that the governing board of a public university, rather than a donor or outside agency, has determined are to be retained and invested for purposes other than loan or plant would be accounted for as
a. an endowment.
b. unrestricted net assets.
c. deposits held in custody for others.
d. restricted net assets.
Public and private schools, multiple choice. Select the best answer for each of the following multiple-choice items dealing with universities: