Which of the Following Is Most Correct with Regard to Management's

Multiple Choice

Which of the following is most correct with regard to Management's Discussion and Analysis MD&A?

A) State and local governments are required to provide an MD&A.
B) Federal agency financial reports are required to provide an MD&A.
C) Both state and local governments and federal agencies are encouraged, but not required to provide an MD&A.
D) Both state and local governments and federal agencies are required to provide an MD&A.