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

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.

Correct Answer:

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