Which of the Following Accounts Are Debited When Closing Entries

question 70

Multiple Choice

Which of the following accounts are debited when closing entries are made for the general fund (assume outstanding encumbrances lapse at year-end) ?
I.Appropriations Control.
II.Estimated Revenues Control.
III.Encumbrances.
IV.Budgetary Fund Balance-Reserved for Encumbrances.
V.Estimated Other Financing Uses-Transfer Out.
VI.Revenue-Property Tax.

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

---

Definitions:

Activities

Tasks, operations, or works carried out in an organization as part of its business processes.

Product Level

Pertains to costs or activities associated with a specific product rather than the business as a whole.

Activity-Based Costing

An accounting method that assigns costs to products or services based on the resources that they consume, aiming to provide more accurate costing information.

Implementation Costs

Expenses associated with putting a new system or process into use.