Calendar in Froyo and Sync directions


I read the Android User's Guide for 2.2 Froyo, but I was hoping someone could confirm what it appears to be saying.

The guide stated we could control what sync's up to the Calendar on the phone.
If I select for it to sync both my GMail and my Exchange calendar to my phone, will it then sync that combined calendar back to my GMail and Exchange calendars? Or will it somehow separate each source of information so that when I set this up, I do not get my GMail calendar entries showing up in my Outlook calendar at work?

This is a key issue I need to make sure before I do it so that I can make sure I do not make any stupid gaffes and lose standing at work since my managers and higher all have access to see what is in my calendar.

Thanks to anyone who can help verify this as I do not have the ability to test myself - the risk outweighs the benefit.