Accounts that are closed at year-end include

B Temporary accounts (revenues, expenditures, and transfers) are closed at the end of the fiscal year to prepare the books for the next fiscal period. Tax revenues are a temporary account and are closed at year-end by transferring balances to fund balance accounts. In contrast: Taxes receivable (A) is a balance sheet (permanent) account. Supplies inventory (C) is an asset. Unassigned fund balance (D) is an equity account. Relevant Reference: GASB Codification Section 2200 – Fund Accounting and Closing Procedures GFOA Accounting and Financial Reporting Manual GAAP Fundamentals Answer : B. tax revenues