Which of the Following General Fund Accounts Would Be Closed

question 38

Multiple Choice

Which of the following General Fund accounts would be closed at year end?

• A) Due from State Government.
• B) Special Items - Proceeds from Sale of Land.
• C) Taxes Receivable - Delinquent.
• D) Deferred Inflows - Property Taxes.

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Definitions:

Negotiable

describes an item, typically a financial instrument like a check or bill of exchange, that can be endorsed and transferred from one party to another.

UCC Article 3

A portion of the Uniform Commercial Code that governs negotiable instruments, including checks, promissory notes, and drafts.

Definite Time

A term used to denote a specific, clear, and unambiguous point or period in time agreed upon in various contexts, such as contracts or scheduling.

Completion of Building

The final stage in the construction process when a building is declared finished according to the set standards or specifications, often marked by a certificate of occupancy.