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?