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USCPA每日一练之FAR【2015-12-19】

来源：高顿网校 2015-12-18

In its fiscal year ended June 30, Year 1. Barr College, a large private institution, received $100,000 designated by the donoe for scholarships for superior students. On July 26, Year 1, Barr selected the students and awarded the scholarships. How should the July 26 transactions be reported in Barr’s statement of activities for the year ended June 30, Year 2?

a. As both an increase and a decrease of $100,000 in unrestricted net assets

b. As a decrease only in unrestricted net assets

c. By footnote disclosure only

d. Not reported

Answer:A

Choice "a" is correct. Unrestricted net assets would increase by the amount of the reclassification of temporarily restricted net assets whose restrictions have been satisfied and then reduced by scholarship expense. The net impact of the July 26 transaction is a simultaneous increase and decrease in unrestricted net assets.The tuition fees from students should be recognized as gross revenue regardless of whether they are funded by scholarships (an increase in unrestricted net assets), while scholarships to the students are considered expenses (a reduction in unrestricted net assets). The exchange transaction of providing credit hours for tuition is usually recognized at gross revenue, with scholarships being recognized as expenses. The journal entries to record the satisfaction of temporary donor restrictions and issuance of scholarships would include:

Debit (Dr) Satisfaction of program restrictions, temporarily restricted $ 100,000

Credit (Cr) Satisfaction of program restrictions, unrestricted $ 100,000

To record satisfaction of donor restricted contributions used for scholarships.

Debit (Dr) Scholarship expense $ 100,000 Credit (Cr) Tuition revenues $ 100,000 To record award of scholarships.

Choice "b" is incorrect. Although unrestricted net assets decrease in response to the recognition of scholarship expense, they are also increased by the satisfaction of restrictions.

Choice "c" is incorrect. The satisfaction of donor restrictions is displayed on the financial statements in addition to being disclosed.

Choice "d" is incorrect. Satisfaction of donor restrictions is fully reported.

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