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Q33: According to GASB standards relating to budgetary accounting, an annual budget should be adopted by every governmental unit a. TRUE b. FALSE Q34: Unreserved

Q33:

According to GASB standards relating to budgetary accounting, an annual budget should be adopted by every governmental unit

TRUE

FALSE

Q34:

Unreserved Fund Balance in Governmental entities is equal to which of the following in commercial entities:

Retained earnings

Capital Stock

Bond sinking Fund

Unearned revenue

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