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
Correct Answer:
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Q22: Only the General Fund may have a
Q23: A Special Revenue Fund may not have
Q24: When establishing funds, governments should attempt to
Q25: A special item is a significant transaction
Q26: The Debt Service Fund would record the
Q28: Special revenue funds are used when it
Q29: Under the purchases method to account for
Q30: Government fund statements use the modified accrual
Q31: Expenditures for claims and judgments of governmental
Q32: Interfund services provided and used are recognized
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