Which of the following is true regarding accounting for investments of permanent funds?

Multiple Choice

a) Gains and losses on investments would not be reported in the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances but are reported in the government-wide Statement of Activities.

b) Investments with determinable fair values must be reported at fair value.

c) Both of the choices are true.

d) Neither of the choices is true.