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1. Which of the following accounts of a governmental unit is (are) closed out at the end of the year? Estimated Revenues Unassigned Fund Balance

1.

Which of the following accounts of a governmental unit is (are) closed out at the end of the year?

Estimated Revenues Unassigned Fund Balance
a.
No No
b.
No Yes
c.
Yes Yes
d.
Yes No

2.

Budgetary accounts are accounts used to enter the formally adopted annual budget into the general ledger.

True

False

3.

In governmental financial reporting, GASB Statement #34 provides that

a.

Legally separate but affiliated organizations are included.

b.

Government-wide statements must be full accrual.

c.

Both answers a. and b. are true.

d.

None of the answers above are true

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