Which of the following is not true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college? Multiple Choice
a. Auxiliary enterprise activities represent revenues and expenses related to units of the college that provide services to students on a user fee basis and is classified as operating revenue.
b. Reimbursement type grants are recorded as operating revenue when qualifying expenses are made.
c. Student financial aid is a revenue contra account.
d. All of the above are true.
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