Which of the following accounts of a governmental unit is credited to close it at the end of the fiscal year?

Question

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Encumbrances Control account is credited to close it at the end of the fiscal year as it represents commitments for goods or services that have not yet been received or paid for. By crediting this account, the government acknowledges that these commitments have been fulfilled and can be closed out. Appropriations Control, Reserve for Encumbrances, and Other Financing Sources-Transfers In are not closed out at the end of the fiscal year.

Which of the Following Accounts of a Governmental Unit Is