How are budgetary entries closed at year end?

• A. Budgetary accounts (estimated revenues, appropriations, encumbrances) are closed to fund balance (assigned or unassigned) to reflect actual resources and obligations.
• B. Budgetary accounts are closed to revenue surplus in the general fund.
• C. Budgetary entries remain open until the next fiscal year begins.
• D. Only encumbrances are closed; estimated revenues are carried forward.

Answer: (A)