For Private Colleges and Universities, Reclassifications of Temporarily Restricted and Unrestricted

question 89

Multiple Choice

For private colleges and universities, reclassifications of temporarily restricted and unrestricted net assets could be made:

• A) For satisfaction of purpose restrictions.
• B) When time restrictions expire.
• C) If the resources donated for fixed assets have been expended on such assets.
• D) All of the above.

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Definitions:

Verbal

Pertaining to words or spoken communication, often used in the context of agreements or contracts.

Written Contract

A formal agreement between two or more parties that is fully documented and signed, outlining specific obligations and terms.

Indemnity

A contractual obligation by one party to compensate the loss incurred by the other party due to the acts of the indemnitor or other specified individuals.

Parol Evidence Rule

A legal principle stating that oral evidence cannot be used to contradict, modify, or add to the terms of a written contract.