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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. |
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b. |
| |||
c. |
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d. |
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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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