A private nonprofit university, received $1,000,000 in gifts during 20X7. Of that amount, $500,000 was unrestricted, $300,000 was restricted for specific purposes (of which $200,000 was expended), and $200,000 was restricted due to donor imposed time restrictions. What amount should be reported as revenues for the university for 20x7? Select one: O a. $1,000,000 O b. S 700,000 Oc. $ 500,000. O d. $ 800,000 Which of the following is not true for the accounting for private nonprofit colleges and universities? Select one: O a. Permanently restricted assets would include endowments and museum collections that are intended to be maintained permanently. O b. Temporarily restricted resources would include contributions restricted for time, plant, and for quasi endowments established by the governing board. O c. Unrestricted assets would include earnings on endowment funds designated as such by the Board of Trustees O d. Three classes of net assets should be used: unrestricted, temporarily restricted, and permanently restricted. If the Board of Trustees of a public governmental college has decided to retain and invest funds for a purpose other than loan and plant purposes, these funds would be considered net assets: Select one: Oa. Invested in capital assets, net of related debt b. Unrestricted. O c. Restricted, expendable for scholarships and fellowships. O d. Restricted, nonexpendable for endowment. Which of the following is not true regarding the recording of expenses by private colleges and universities? Select one: O a. All expenses are reported as unrestricted O b. Depreciation may or may not be recorded, depending upon the policy of the institution. C. Expenses are recorded using the accrual basis of accounting O d. Expenses should be reported by function. Which of the following is not true regarding accounting and financial reporting for private colleges and universities? Select one: O a. Fund accounting is not required. O b. The statement of cash flows may use either the direct or indirect method. C. A statement of financial position must be prepared as part of the financial statements O d. Expenses may be unrestricted or restricted, depending on the donor's intent