List financial reports required under given fasb statement

Reference no: EM131525935

Question: With regard to private-sector colleges and universities:

a. List the three net asset classes required under FASB Statement 117.

b. List the financial reports required under FASB Statement 117.

c. Distinguish between an endowment, a term endowment, and a quasi- endowment. Indicate the accounting required for each.

d. Outline the accounting required by the FASB for

(1) An endowment gift received in cash.

(2) A pledge received in 2011, unrestricted as to purpose but restricted for use in 2012.

(3) A pledge received in 2011, restricted as to purpose other than plant. The purpose was fulfilled in 2012.

e. Discuss the requirements necessary before contributed services are recorded as revenues.

Reference no: EM131525935

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