A private university received $280,000 from student tuition and fees for the yea

Question

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 revune of $280,000

A. Current revenue of $280,000

B. Current revenue of $70,000 and deferred revenue of $210,000.

Explanation / Answer

Option B ie is Current revenue of 70000 and deferred revenue of 210000 is the correct answer

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.