When closing the General Fund and Special Revenue Funds of a state or local governmental unit,the balance of the operating statement accounts and the balances of the budgetary accounts are closed to Fund Balance.

Question

Quizplus · Accepted Answer

This statement is true. At the end of the fiscal year, the operating statement accounts and budgetary accounts are closed to Fund Balance, which represents the amount of resources available to the government unit for future spending.

When Closing the General Fund and Special Revenue Funds of a State