An accountant is trying to determine whether the school system of the City of Abraham is fiscally independent. Which of the following is not a requirement for being deemed fiscally independent? Choose the correct.a. Holding property in its own name.b. Issuing bonded debt without outside approval.c. Passing its own budget without outside approval.d. Setting taxes or rates without outside approval.

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Q: An accountant is trying to determine whether the school system of the City of Abraham is fiscally…

A: The correct answer is 1. Holding property in its own name.