Which of the following is NOT true regarding the Statement of Cash Flows for a public college?
A. The direct method must be used.
B. The statement is in the same format required for state and local governmental enterprise funds.
C. A reconciliation is required, reconciling operating income in the Statement of Revenues, Expenses, and Changes in Net Position to the cash flows provided (used) by operating activities.
D. Cash purchases of capital assets are reported as outflows in the investing activities section.
Answer: D