Which of the following is not true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college?
A. Revenues are required to be presented in the categories of Permanently Restricted, Temporarily Restricted and Unrestricted, while all expenses are classified as Unrestricted.
B. Interest expense is accrued and bond premiums and discounts are amortized.
C. Tuition fees waived by the institution in return for services provided by employees and student assistants are shown as expenses.
D. None of the above.
Answer: A
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