From Chapter 11 complete Exercise 11-3 and Exercise 11-4 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you attained the outcome.
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Get Help Now!Exercise 11-3 With regard to private sector colleges and universities:
a. List the three net assets classes required under FASB statement 117.
b. List the Financial reports required under the FASB statement 117.
c. Distinguished 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 2014, unrestricted as to purpose but restricted for use in 2015.
3. A pledge received in 2014, restricted to purpose other than plant. The purpose was fulfilled in 2015.
Exercise 11-4 Define and outline the accounting required for each of the following types of agreements:
a. Charitable lead trusts:
b. Charitable remainder trusts:
c. Perpetual trust held by a third party:
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