Question: What are the key differences between a governmental unit and a commercial company? Discuss the following terms and how they are used during the budget

  • What are the key differences between a governmental unit and a commercial company?
  • Discuss the following terms and how they are used during the budget process of a governmental unit:
  • Appropriations
  • Encumbrances
  • Expenditures
  • Budgetary fund balances
  • Give examples for each of the above terms.

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