A donor gave $1,000,000 to a private nonprofit college. The college's governing board decided to establish an endowment, with the intent to keep the principal intact forever. The income would be used, by action of the board, for a chaired faculty position in accountancy. The $1,000,000 would be classified as: Select one: O a. Unrestricted. Ob. Temporarily restricted. O c. Either unrestricted, temporarily restricted, or permanently restricted, at the option of the institution. O d. Permanently restricted For public governmental universities, the fixed assets for bookstore operations would be considered net assets: Select one: O a. Restricted, expendable for capital projects. Ob. Unrestricted O c. Restricted, expendable for debt service. O d. Invested in capital assets, net of related debt. Which financial statements are required by the FASB for private colleges and universities? Select one: O a. Statement of Revenues, Expenditures, and Changes in Fund Balance; Statement of Activities; and Statement of Cash Flows. O b. Statement of Financial Position; Statement of Current Funds Revenues, Expenditures, and Other Changes; and Statement of Changes in Fund Balances O c. Statement of Financial Position; Statement of Changes in Fund Balances; and Statement of Cash Flows O d. Statement of Financial Position; Statement of Activities; and Statement of Cash Flows When tuition for a public governmental college or university is assessed for a semester that covers more than one fiscal year: Select one: O a. Revenue should be recognized in the fiscal year in which the semester is predominantly conducted. O b. Revenue should be recognized in the fiscal year in which the revenue is collected. O c. Revenue should be recognized in the fiscal year in which the revenue is assessed