To Close Encumbrances at the End of the Year Which

question 30

Multiple Choice

To close Encumbrances at the end of the year which of the following entries should be made?

• A) Debit Encumbrances; Credit Fund balance.
• B) Debit Reserve for encumbrances; Credit Encumbrances.
• C) Debit Fund balance; Credit Encumbrances.
• D) No closing entry needed.

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Definitions:

Active Achievement

The process of pursuing and attaining goals through proactive efforts, reflecting a dynamic and engaged approach to accomplishment.

Vocational Planning

The process of exploring and preparing for specific careers based on an individual's interests, skills, and values, often involving educational and training paths.

Identity

The qualities, beliefs, personality, looks, and expressions that make a person or group distinct from others.

Attitude

A settled way of thinking or feeling about someone or something, typically reflected in a person's behavior.