3. Which of the following statements is correct? A. The Internal Revenue Service allows income tax deductions for contributions made to 15 of the 29 organizations that are listed by the IRS as 501 (c) type nonprofit entities. B. On the statement of cash flows for a nonprofit entity, the acquisition of capital assets is reported as a capital and related financing activity. C. A and B. D. Neither A nor B. 4. Which of the following statements is correct? A. All private universities and all health and welfare organizations are required to report a statement of functional expenses. B. Assets that are restricted by creditors in accordance with debt covenants are included in the amount reported for net assets without donor restrictions on the statement of financial position. C. A and B. D. Neither A nor B