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$5)$ Which of the following items would not affect the amounts reported in the Revenues and Gains section of the statement of activities for a private college or university?

A$)$ Student tuition and fees.

B$)$ Tuition and fees discounts and allowances.

C$)$ Net assets released from restriction.

D$)$ Deferred revenues.

$6)$ Which of the following is required as part of a complete set of financial statements for a public college or university engaged only in business$-$type activities?

A$)$ Statement of changes in operations.

B$)$ Statement of revenues, expenses, and changes in net position.

C$)$ Statement of activities.

D$)$ Statement of functional expenses.

$7)$ Which of the following statements is required for both a private university and a governmentally owned public university engaged only in business$-$type activities?

A$)$ Statement of cash flows.

B$)$ Statement of net position.

C$)$ Statement of activities.

D$)$ Statement of revenues, expenses, and changes in net position.

$8)$ Provident City College, a public college, has a $10-$week summer session that starts on June $25,2023,$ so that one week is held during FY $2023$ and the other nine weeks meet during FY $2024.$ Tuition and fees in the amount of $$1,000,000$ were collected from students for classes to be conducted in this session. What amount should Provident City College recognize as unrestricted revenue in each of the years ended $($FYE$)$ June $30,2023$ and June $30,2024?$

FYE $2023$ FYE $2024$

A$.$ $ $100,000$ $ $900,000$

B$.$ $ $0$ $ $1,000,000$

C$.$ $ $1,000,000$ $ $0$

D$.$ $ $500,000$ $ $500,000$

A$)$ Choice A$.$

B$)$ Choice B$.$

C$)$ Choice C$.$

D$)$ Choice D$.$

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