Which of the following is an official fund category used by state and local governments?
A. Current funds.
B. Expendable funds.
C. Governmental funds.
D. General capital asset funds.
Question 2
Which of the following accounts is debited in the closing entries?
a. Sales
b. Unearned Subscriptions
c. Sales Returns and Allowances
d. Sales Discounts
e. Insurance Expense