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:

Material Alteration

A substantial change to a document or agreement that affects its essence or legal effectiveness.

Genuine Signatures

Authentic and original signatures that verify the identity of signatories and their intent.

Unauthorized Signatures

Signatures made without the express permission or authority of the person purported to sign, potentially leading to legal complications in contract enforcement.

Bank Statement

A monthly or periodic document summarising the financial transactions and balance in a person's bank account.