Multiple Choice
When closing out the General Fund and Special Revenue Funds of a state or local governmental unit, the balance of the operating statement accounts are closed to:
A) Budgetary Fund Balance - Reserved for Encumbrances.
B) Appropriations Control.
C) Other Financing Sources - Transfer Out.
D) Fund Balance.
Correct Answer:
Verified
Correct Answer:
Verified
Q40: Which account would be debited when the
Q41: When closing the books for the General
Q42: The journal entry to write off an
Q43: Which of the following is an interfund
Q44: Interfund services provided and used are recognized
Q46: In the General Fund, revenues are recognized
Q47: When a special revenue fund accounts for
Q48: A December 2017 year-end government should record
Q49: Which of the following is true regarding
Q50: A Special Revenue Fund may not have