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Which of the following accounts can be most probably be negative? Unrestricted net assets Temporarily restricted...

  1. Which of the following accounts can be most probably be negative?

    Unrestricted net assets

    Temporarily restricted net assets.

    Permanently restricted net assets

    Cash

  1. Private Colleges must comply with which standard's setting body?

    GASB

    FASAB

    FASB

    GASB

A public college or university will report monies received from a new library construction fund drive as an increase in:

Unrestricted net assets.

Permanently restricted net assets.

Temporarily restricted net assets.

Restricted net assets.
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Answer #1

Which of the following accounts can be most probably be negative?

The correct answer is First option i.e. Unrestricted net assets.

Unrestricted net assets can most probably negative.

Private Colleges must comply with which standard's setting body?

The correct answer is FASB

The Private Colleges must comply with FASB which requires the the colleges to disclose the expenditure.

A public college or university will report monies received from a new library construction fund drive as an increase in:

The correct answer is Restricted net assets.

A public college or university will report monies received from a new library construction fund drive as an increase in  Restricted net assets.

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