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

question 8

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)Federal agencies should address the reporting entity'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.
• D)There are no significant differences.

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Definitions:

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A legal principle that allows property owners to avoid liability for contamination found on their property if they did not cause or contribute to the contamination.