Which of the following is not true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college? A) Reimbursement type grants are recorded as operating revenue when qualifying expenses are made. B) Auxiliary enterprise activities represent revenues and expenses related to units of the college that provide services to students on a user fee basis and is classified as operating revenue. C) Student financial aid is a revenue contra account D) All of the above are true.

Question

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All of the statements are true. Reimbursement type grants are recorded as operating revenue when qualifying expenses are made. Auxiliary enterprise activities represent revenues and expenses related to units of the college that provide services to students on a user fee basis and is classified as operating revenue. Student financial aid is a revenue contra account.

Which of the Following Is not True Regarding the Statement