Which of the following debt service fund accounts would not be closed at the end of each fiscal year?
A) Estimated Revenues.
B) Fund Balance.
C) Revenues.
D) Expenditures-Bond Interest.

Question

Quizplus · Accepted Answer

Fund Balance is not closed at the end of each fiscal year in a debt service fund. It is a balance sheet account that carries forward into the next fiscal year, reflecting the net assets available in the fund. Other accounts like Estimated Revenues, Revenues, and Expenditures are typically closed to reflect accurately the financial activities for the year.

Which of the Following Debt Service Fund Accounts Would Not