4. Which of the following is true regarding the Statement of Revenues, Expenses, and Changes in Net Assets for a public college choosing to report as a special-purpose entity engages in business-type activities only? a. State appropriations should be reported as nonoperating income. b. An operating income figure must be displayed. c. Both contributions for plant and for endowment purposes must be reported separately after both operating and nonoperating revenues and expenses. d. All of the above.

Answer the following multiple choice questions and explain why you selected the choice that you did.