What makes it unique, is that gifts and grants may be given

Reference no: EM133369836

Question: can you replay you this classmate.Ashley Camacho,If I was working in the accounting department of a university and my boss asked for an explanation of components of revenue, expenses, and changes in net assets that are reported on the university's statement of revenues while also discussing unique transactions or situations that could be encountered, I would think of nonoperating and operating revenue. Nonoperating revenue would come in the form of a gift while operating revenue could be federal and state grants. What makes it unique, is that gifts and grants may be given to other organizations, but they are not something that one would encounter in a public for-profit business statement. With unique transactions as such existing for universities, circumstances, where the activities of the university will generate income, can occur. These activities then cause Unrelated Business Income tax. Universities are considered to be tax-exempt, giving them an advantage in comparison to companies that have taxable income when making similar sales. An example would be income generated from items being sold in a campus bookstore. So if you go to a university and purchase a sweater or even books, this type of tax would be generated.

Reference no: EM133369836

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