Which of the following items would not affect the amounts reported in the Revenues and Gains section of the statement of activities for a private college or university?
A) Student tuition and fees.
B) Tuition and fees discounts and allowances.
C) Net assets released from restriction.
D) Deferred revenues.

Question

Quizplus · Accepted Answer

Deferred revenues are recorded as a liability on the balance sheet and do not affect the amounts reported in the Revenues and Gains section of the statement of activities. The other options all affect the amounts reported in the Revenues and Gains section. Student tuition and fees and tuition and fees discounts and allowances are both sources of revenue, while net assets released from restriction are recognized as a gain when restrictions on those assets are lifted.

Which of the Following Items Would Not Affect the Amounts