A college receives $ 500,000 of Pell Grants to be applied to current year student accounts for tuition and fees. What account should be credited upon receipt of the $ 500,000, assuming: The College is aprivate institutionThe College is apublic institutionA)Non-operating revenueNon-operating revenueB)Non-operating revenueLiability: Due to student accountsC)Liability: Due to student accountsNon-operating revenueD)Liability: Due to student accountsLiability: Due to student accounts
A. A)
B. B)
C. C)
D. D)
Answer: C
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Answer the following statement true (T) or false (F)