Funds established at a private nonprofit college by donors who have stipulated that the principal is nonexpendable but that the income generated may be expended for current operating purposes would be accounted for in the: Select one: O a. Restricted nonexpendable net asset class. O b. Permanently unrestricted net asset class. C. Temporarily restricted net asset class. O d. Unrestricted net asset class Which of the following is not true for private nonprofit colleges and universities? Select one: O a. Plant acquired with restricted resources must be recorded in a restricted net asset class, either permanently or temporarily restricted O b. If both unrestricted and restricted resources are available for a restricted purpose, the presumption required by the FASB is that funds come from restricted resources first O c. Depreciation should be recorded as an expense in the unrestricted net asset class. O d.Contributions receivable should be recorded as a revenue in the year in which the promise becomes unconditional, even if the proceeds will not be received until future years. The loan fund for a public government university is used to account for assets that are: Select one: O a. Received from private donors to be used to make loans to students or staff O b. Received as loans from banks and/or other financial institutions to purchase plant assets. C. Received as loans from Federal and State government agencies for restricted uses O d. To be used to pay principal and interest on the long term debt of the university Which of the following statements is not true concerning accounting and financial reporting for private nonprofit colleges and universities? Select one: O a. Expenses must be reported as unrestricted, no matter what the donor's intent. O b. The statement of cash flows must be prepared using the direct method C. Fund accounting is not required. O d. Full accrual accounting is to be used in recording transactions