Question: For state and local governments, the MD&A must include all but which of the following? 1. An objective discussion of the basic financial statements and

For state and local governments, the MD&A must include all but which of the following?

1. An objective discussion of the basic financial statements and condensed financial information comparing current and prior years 2. An analysis of the overall financial position and results of operations 3. Analysis of balances and transactions of individual funds 4. Analysis of significant variations between the original and final budget and the final budget and actual results for the general fund 5. Known facts, decisions, or conditions expected to have an impact on financial position or results of operations

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