At year-end,the balance of Expenditures,Revenues and Other Financing Sources and Uses accounts are closed to:

Question

Quizplus · Accepted Answer

The balance of Expenditures, Revenues and Other Financing Sources and Uses accounts are closed to Fund Balance. This is because Fund Balance represents the residual equity of a governmental fund and includes any amounts not already classified in other fund balance categories, such as the budgetary fund balance.

At Year-End,the Balance of Expenditures,Revenues and Other Financing Sources and Uses