Even though the life of a capital projects fund is the life of the project,not year-to-year,operating statement accounts and encumbrances should be closed at year-end to facilitate preparation of year-end financial statements.

Question

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A year-end statement for a capital projects fund is in reality interim in the life of the project, but the capital projects fund financial information needs to be combined with that of the other funds and account groups for purposes of preparing the annual financial report.

Even Though the Life of a Capital Projects Fund Is