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

question 17

Multiple Choice

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.

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Definitions:

Voidable

A legal term referring to a contract or action that can be invalidated or annulled by one or more of the parties involved.

Disaffirmance

The legal act of renouncing or nullifying a contract or agreement, particularly by minors or those not completely competent to enter into a contract.

Tort of Deceit

A legal wrong involving intentional misrepresentation or concealment of truth leading to damage or harm to another party.

Mental Impairment

A condition affecting an individual's cognitive functions, potentially limiting their ability to perform daily tasks or make decisions.