Union Seminary uses the fund basis of accounting for internal record keeping. Presented below is the fully adjusted 12/31/09 balance sheet for Union, prepared using funds and account groups. The following are fund descriptions:
• Operating Fund - the fund used for transactions not falling within the definition of other funds. There are no restrictions on these resources.
• Memorial Fund - Used to account for resources donated from outside parties for specific capital additions
• Endowment Fund - Assets received from an outside donor for permanent investment, only the earnings may be expended.
• Scholarship Fund - Cash set aside by the Seminary's governing board for use as scholarships and student aid.
• Fixed Assets Account Group - A record of the Seminary's fixed assets and long-term debt.
Required: Prepare a Statement of Financial Position following the guidelines provided in FASB Statements 116 and 117 for private not-for-profits and assuming Union does not classify plant assets as temporarily restricted.

Question

Quizplus · Accepted Answer

The Answer of Union Seminary uses the fund basis of accounting for internal record keeping. Presented below is the fully adjusted 12/31/09 balance sheet for Union, prepared using funds and account groups. The following are fund descriptions:
• Operating Fund - the fund used for transactions not falling within the definition of other funds. There are no restrictions on these resources.
• Memorial Fund - Used to account for resources donated from outside parties for specific capital additions
• Endowment Fund - Assets received from an outside donor for permanent investment, only the earnings may be expended.
• Scholarship Fund - Cash set aside by the Seminary's governing board for use as scholarships and student aid.
• Fixed Assets Account Group - A record of the Seminary's fixed assets and long-term debt.
Required: Prepare a Statement of Financial Position following the guidelines provided in FASB Statements 116 and 117 for private not-for-profits and assuming Union does not classify plant assets as temporarily restricted.

Union Seminary Uses the Fund Basis of Accounting for Internal