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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