What Journal Entry Should Be Made at the Beginning of the Fiscal

question 65

Multiple Choice

What journal entry should be made at the beginning of the fiscal year to reestablish the Encumbrances account of a capital projects fund for a multi-year capital project?

• A)Debit Fund Balance and credit Encumbrances.
• B)Debit Reserve for Encumbrances and credit Encumbrances.
• C)Debit Encumbrances and credit Fund Balance.
• D)Debit Encumbrances and credit Reserve for Encumbrances.

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Definitions:

Person Who Committed

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Financial Incentives

Monetary rewards given to influence behavior or encourage specific outcomes in individuals or organizations.

Public Service Announcements

Broadcast messages provided by the media to inform or educate the public on issues of public interest without charging the announcing party.

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Financial penalties imposed on drivers for exceeding the legal speed limit.