Comparison of the legally approved budget with actual results of the General Fund is included as part of required supplementary information in the annual report as required by GASB. select one :- a. FALSE

b. TRUE

The accounting cycle of a governmental unit similar from that of a business firm in all of these except for? select one :- a. Government and business firms record transactions and prepare closing entries

b. The government uses the budget for control purposes and business firm may use the budget for control purposes

c. Government and business firms prepare financial statements

d. The budget is recorded in the accounts of the governmental unit and business firms