Facilities costs in Higher Education are increasing primarily due to:

Which best describes the concept of balance sheet equity (fund balance)

A budget is an absolute guarantee of resources.

Management is ultimately responsible for internal controls in an organization.

It is important for financial managers to fully understand the requirements relating to the funds in which their accounts reside.

General economic and political factors can have a significant impact on the finances of an institution of higher education.

Strategic Planning and Budgeting are two separate administrative processes that have no relation to one another.

Which item would not typically be budgeted for in the Capital Budget?

The majority of higher education institutions utilize a system of fund accounting to account for their activities. Which of the following is not a reason why fund accounting is utilized:

Generally Accepted Accounting Principles (GAAP) require colleges and universities to account for activities using accrual basis accounting. Under this method of accounting, revenues are recognized when: