The Revenues account of a government is debited when:
A) The budget is recorded at the beginning of the year.
B) Property taxes are recorded.
C) The account is closed to fund balance-unassigned at the end of the year.
D) Property taxes are collected.

Question

Quizplus · Accepted Answer

The Revenues account of a government is debited when the account is closed to fund balance-unassigned at the end of the year. This is part of the process to zero out the revenues for the year and transfer the balance to the fund balance, preparing the accounts for the next fiscal period.

The Revenues Account of a Government Is Debited When