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Author Question: A state university receives an appropriation for from the state for capital projects of 5 million ... (Read 80 times)

jparksx

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on: Jul 5, 2018
A state university receives an appropriation for from the state for capital projects of 5 million and a state appropriation for other purposes of 20 million.
 
  How should the amounts received be reported in the university's statement of revenues, expenses, and changes in net position?
  A. Operating revenues of 20 million and nonoperating revenues of 5 million.
  B. Operating revenues of 20 million and capital contributions of 5 million.
  C. Nonoperating revenues of 20 million and capital contributions of 5 million.
  D. Nonoperating revenues of 25 million.

Question 2

A debit to either the ___________________ _ account or a(n) ___________________ _ account will cause a decrease in the owner's equity of a business.
 Fill in the blank(s) with correct word


paavo

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Reply #1 on: Jul 5, 2018
Answer to Question 1

C

Answer to Question 2

drawing, expense
expense, drawing


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