If a public university receives $1,000,000 in fiscal year 2011 as a grant restricted for a specific research project and makes expenditures amounting to $400,000 during fiscal year 2011 properly chargeable to the grant,how much should be reported as revenues in fiscal year 2011? Explain.

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The Answer of If a public university receives $1,000,000 in fiscal year 2011 as a grant restricted for a specific research project and makes expenditures amounting to $400,000 during fiscal year 2011 properly chargeable to the grant,how much should be reported as revenues in fiscal year 2011? Explain.

If a Public University Receives $1,000,000 in Fiscal Year 2011