Which of the following is not true of a Statement of Activities prepared for a private college or university?
A. Reimbursement type grants are recorded as operating revenue when qualifying expenses are made, not when the grant is approved.
B. Expenses may be unrestricted or temporarily restricted depending on donor intent.
C. Reclassifications from temporarily restricted to unrestricted net assets are reported when the donor's restrictions have been met.
D. All of the above are true.
Answer: B
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