QUESTION 24 Which of the following is not true regarding the Statement of Revenu

Question

QUESTION 24 Which of the following is not true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college? O A Tuition fees waived by the institution in return for services provided by employees and student O B. Revenues are required to be presented in the categories of Permanently Restricted, Temporarily ° C. assistants are shown as expenses. Restricted and Unrestricted, while all expenses are classified as Unrestricted Interest expense is accrued and bond premiums and discounts are amortized. D. None of these.

Explanation / Answer

Ans option b

Reason: expenses should be classified as permanently restricted, temporarily restricted and unrestricted as per the nature and expenditure and in the manner the revenue for the related expenditure are being booked.

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