30. Tuition waivers for which there is no intention of collection from the stude

Question

30. Tuition waivers for which there is no intention of collection from the student should be classified by a college as Revenve Expenditures a. No b. No c. Yes d. Yes Ne Yes Yes 31. Cindy Duncan is a social worker on the staff of National Service Center, a voluntary fare organization. She earns $42,000 annually for a normal workload of 2,000 hours During 2011 she contributed an additional 800 hours of her time to National at no extra charge. How much should National record in 2011 as contributed service expense? A) So B) $8,400 C) $1,680 D) $16,800 32. For the fall semester of 2011, Newton College assessed its students $5,000,000 for tuition and fees. The net amount realized was only $4,700,000 because of the following revenue reductions: Refunds occasioned by class cancellations and student S 80,000 withdrawals Tuition remissions granted to faculty members' families Scholarships and fellowships 20,000 200,000 How much should Newton College report for the period for unrestricted current funds revenues from tuition and fees? A) $4,700,000 B) $4,900,000 C) $4,780,000 D) $5,000,000 33. Which basis of accounting should a voluntary health and welfare organization use? A) Cash basis for all funds B) Accrual basis for some funds and modified accrual basis for other funds C) Accrual basis for all funds D) Modified accrual basis for all funds Version 3 Page 7

Explanation / Answer

30. Option c is correct:

Revenue yes

Expenditure yes

Explanation:

All tuition and fees assessed against students are recorded as revenue, even though there may be no intention of collecting the revenue from the student.

A waiver is the amount of revenue that the college intentionally relinquishes and are recorded as expenditures.

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