The following statements relate to nongovernmental NEPs. Select from the option list provided the most appropriate description of each statement. Each choice may be used once, more than once, or not at all. TE Statement Description 1. Reported by functional classification. Expenses 2. The activities that result in goods and services being distributed to beneficiaries that supporting activities fulfill the purposes of the entity. 3. A nongovernmental NFP's external GASB standards reporting must be based on this guidance. 4. An acceptable method for internal purposes in a nongovernmental NFP. But not U.S. GAAP required for external reporting. 5. A purpose of external financial reporting by Fund accounting an NFP. 6. Recognized for amounts received in agency Revenues transactions. 7. Items ordinarily reported on the statement Revenues of activities as net amounts