To close the nominal financial accounts of a Special Revenue Fund, a debit needs to be made to revenue accounts and a credit made to expense accounts.

Name: To close the nominal financial accounts of a Special Revenue Fund, a debit needs to be made to revenue accounts and a credit made to expense accounts.
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A Special Revenue Fund has expenditure accounts-not expense accounts. Therefore, closing nominal financial accounts requires a credit to expenditure accounts.

To Close the Nominal Financial Accounts of a Special Revenue