Which of the following General Fund accounts would be closed at year end? Multiple Choice Due from State Government. Deferred Inflows – Property Taxes. Estimated Uncollectible Taxes. Other Financing Uses – Transfers Out.

Other Financing Uses - Transfers Out.

Explanation: General fund account refers to a system whereby resources are recorded whose use are limited by the provider, government agency, or by law. These accounts do not emphasize profitability rather they emphasize accountability.

Other Financing Uses – Transfers Out.

Explanation:

The Governmental Accounting Standards Board (GASB) is the entity that establishes the accounting principles used by state and local governments. They follow the same logic than US GAAP, but most accounts are generally called differently and some procedures also vary due to budget restrictions and uses of public money.

General fund account is basically the most important account in public accounting since it used to control cash inflows and outflows. It is also divided into subsidiary accounts, basically following the logic of revenues and expenses. Also following the logic of revenues and expenses, some of them must be closed at the end of the year.

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