I’m working on a accounting discussion question and need an explanation and answer to help me learn.
Imagine that you work in the accounting department of a university and your boss has asked you to explain components of revenue, expenses, and changes in net asset that are reported on the university’s statement of revenues.
- Discuss at least two unique situations or transactions that you may encounter.
- Describe any circumstances the entity may engage in activities that result in Unrelated Business Income Tax (UBIT).
