When closing out the General Fund and Special Revenue Funds of a state or local governmental unit,the balance of the operating statement are closed to:

Question

Quizplus · Accepted Answer

The closing process for the General Fund and Special Revenue Funds involves transferring the balances of revenues, expenditures, and other financing sources to fund balance. This process allows for the determination of the fund's net position, which is the difference between the fund's assets and liabilities. Therefore, option D, Fund Balance, is the best choice.

When Closing Out the General Fund and Special Revenue Funds