After All Liabilities Are Paid and the Operating Statement Accounts

question 40

True/False

After all liabilities are paid and the operating statement accounts closed,it is common to transfer any remaining assets of a capital projects fund to the General Fund.

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Definitions:

Negotiable

Refers to something that can be transferred from one party to another, commonly used in the context of financial instruments that can be exchanged or sold.

Holder in Due Course

A legal term that refers to a person who has acquired a negotiable instrument in good faith and for value, thereby having certain rights to payment.

Transferred

The act of moving or shifting ownership, rights, or possession from one entity to another.

Rights

Privileges or entitlements that are ethically and legally recognized as belonging to a specific individual or group.