The Three Classes of Net Assets Required to Be Presented

question 9

Multiple Choice

The three classes of net assets required to be presented by a private college or university are:

• A) Permanently Restricted, Temporarily Restricted, and Unrestricted.
• B) Reserved, Unreserved, and Undesignated.
• C) Net investment in capital assets, Restricted, and Unrestricted.
• D) Educational and General, and Auxiliary Enterprises

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Definitions:

Commissioners of the SEC

The heads of the U.S. Securities and Exchange Commission (SEC), responsible for enforcing federal securities laws, regulating the securities industry, the nation's stock and options exchanges, and other related functions.

U.S. Court of Appeals

A court within the federal judicial system of the United States that hears appeals from federal district courts.

No-action Letters

are statements issued by regulatory agencies indicating that the agency does not intend to take legal action against a specifically proposed activity.

Exempted Offerings

Securities offerings that are released from the registration requirements with the SEC, generally due to their limited nature.