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In respect to GASB, how important is budgeting? a. Very Important b. Not at all - all about the profits c. King d. Important e. moderately important What occurs when entries are consolidated in governmental accounting? a. In governmental accounting, all funds stand on their own and so they are simply added together (consolidated) b. Transactions within the governmental entity that are common to the governmental unit are eliminated c. The entries that are common with other types of accounts are consolidated and fully reported. d. Since the entities are not allowed to make a profit when they deal with others in the government, it is simply an adding of each account. Since each account is separately reported there is no confusion