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:

Jack-of-all-trades

An individual skilled in many different areas, capable of performing competently in a variety of tasks or professions.

Net Exports

The difference between a country's total value of exports and total value of imports. If exports exceed imports, net exports are positive; if imports exceed exports, net exports are negative.

Exports

Goods or services produced in one country and sold to buyers in another, contributing to a country's total economic output.

Imports

Goods or services that are brought into a country from abroad for sale.