Which of the following is true regarding accounting and financial reporting for private colleges and universities?
A) Expenses may be unrestricted or temporarily restricted depending on donor intent.
B) A Statement of Unrestricted Revenues, Expenses and Other Changes in Unrestricted Net Assets and a Statement of Changes in Net Assets may be presented instead of a Statement of Activities.
C) The Statement of Cash Flows must use the direct method.
D) None of the above is true.

Question

Quizplus · Accepted Answer

The Answer of Which of the following is true regarding accounting and financial reporting for private colleges and universities?
A) Expenses may be unrestricted or temporarily restricted depending on donor intent.
B) A Statement of Unrestricted Revenues, Expenses and Other Changes in Unrestricted Net Assets and a Statement of Changes in Net Assets may be presented instead of a Statement of Activities.
C) The Statement of Cash Flows must use the direct method.
D) None of the above is true.

Which of the Following Is True Regarding Accounting and Financial