27. Which of the following is not one of the necessary closing entries of a government equity?Closing of the “Cash-Treasury/Agency Deposit, Regular” account to the Accumulated Surplus/Deficit” accountClosing of the “Subsidy from National Government” account to the “Revenue and Expense Summary” accountClosing of income and expense accounts to the “Revenue and Expense Summary” accountClosing of the net balance of “Revenue and Expenses Summary” account to the “Subsidy from National Government” account.

Closing entries are those entries which are passed at the end of the financial period in order to…

Answered: 27. Which of the following is not one…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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27. Which of the following is not one of the necessary closing entries of a government equity?

1. Closing of the “Cash-Treasury/Agency Deposit, Regular” account to the Accumulated Surplus/Deficit” account
2. Closing of the “Subsidy from National Government” account to the “Revenue and Expense Summary” account
3. Closing of income and expense accounts to the “Revenue and Expense Summary” account
4. Closing of the net balance of “Revenue and Expenses Summary” account to the “Subsidy from National Government” account.

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