Which of the following accounts would not be closed at the end of each fiscal year?
A) Fund balance.
B) Estimated revenues.
C) Interfund transfers out.
D) Expenditures.

Question

Quizplus · Accepted Answer

Fund balance is not closed at the end of the fiscal year as it represents the residual equity of a fund and carries over to the next fiscal year. Estimated revenues, interfund transfers out, and expenditures are all closed at the end of the fiscal year as they relate to the current period's operations.

Which of the Following Accounts Would Not Be Closed at the End