Which of the following statements regarding Management's Discussion and Analysis is true?

Multiple Choice

A) MD&A is required only for Proprietary Fund Financial Statements.

B) MD&A is reported in the statistical section of the annual report.

C) MD&A is 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.