GASB No 34 Makes Which of the Following Statements Regarding Management's

question 36

Multiple Choice

GASB No. 34 makes which of the following statements regarding Management's Discussion and Analysis?

• A) MD&A is required only for Proprietary Fund Financial Statements.
• B) MD&A is required for all state and local government financial statements.
• C) MD&A is only required for comprehensive annual financial reports.
• D) MD&A for state and local government financial statements must include an analysis of potential, untapped revenue sources.
• E) MD&A is an optional inclusion for state and local government financial statements.

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Definitions:

Constitutionality

The quality or state of being in accordance with the constitution or established laws of a country.

Unfettered State Autonomy

A situation where a state or region has complete independence and freedom from external control in governing its affairs.

U.S. Constitution

The foundational document outlining the structure, functions, and powers of the United States government, and the rights of its citizens.

Federal Government

The national government of a country, which holds the primary authority over its constituents, such as states or provinces.