The Management's Discussion and Analysis (MD&A) Required in General Purpose

question 66

Multiple Choice

The management's discussion and analysis (MD&A) required in general purpose federal financial reporting is different than that required by GASB of state and local governments in that:

• A) It includes information about the agency's performance goals and results in addition to financial activities.
• B) It is outside the general purpose federal financial report and is optional, not required.
• C) It is a part of the basic financial statements and, as a result, it is audited along with the financial statements.
• D) There are no significant differences.

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Definitions:

Discrimination

Unfair treatment or prejudice against people based on race, age, gender, or other characteristics rather than individual merit.

Employment

A relationship between an employer and an employee where the employee is paid for carrying out assigned tasks.

Discrimination

Unfair treatment or prejudice against individuals or groups based on characteristics such as race, gender, age, or sexual orientation.

Bona Fide Occupational Qualifications

Refers to the essential job qualifications that an employer can legally require, which can include a specific age, sex, religion, or national origin, if they are reasonably necessary to the normal operation of that particular business.