Which of the Following Is True Regarding the Statement of Revenues,Expenses,and

question 27

Multiple Choice

Which of the following is true regarding the Statement of Revenues,Expenses,and Changes in Net Assets for a public college?

• A) All student scholarship allowances should be reported as operating expenses.
• B) An all-inclusive statement should be prepared, ending with the net assets at year-end.
• C) Both of the above are true.
• D) Neither of the above is true.