Which of the following is true regarding the Statement of Revenues,Expenses,and Changes in Net Assets for a public college?
A) Tuition revenues are reported net of tuition waivers only when those waivers do not require service on the part of the recipient student.
B) Depreciation expense is not recognized.
C) Both of the above are true.
D) Neither of the above is true.

Question

Quizplus · Accepted Answer

Public colleges report tuition revenues net of tuition waivers only when those waivers do not require service from the recipient, as service requirements would make them akin to compensation. Depreciation expense is recognized, so option B is incorrect.

Which of the Following Is True Regarding the Statement of Revenues,Expenses,and