Which Accounts Described Below Would Have Non-Zero Balances After the Accounts

question 53

Multiple Choice

Which accounts described below would have non-zero balances after the accounts are closed in the general fund of a state or local government?
I.Estimated Revenues Control.
II.Appropriations Control.
III.Budgetary Fund Balance Unreserved.
IV.Deferred Revenue.
V.Due to Internal Service Fund.
VI.Fund Balance-Reserved for Inventories.

• A)I,II,III.
• B)I,II,IV.
• C)IV,V,VI.
• D)III,IV,V.

---

Definitions:

End-of-period Spreadsheet

A financial report or document summarizing the accounting data and transactions at the close of an accounting period, often used for preparing financial statements.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, clearing the temporary accounts for the next period.

Pre-closing Trial Balance

A listing of all active ledger accounts and their balances after adjusting entries are made but before closing entries, to verify the equality of debits and credits.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.