Choice "D" is correct. Management's Discussion and Analysis is a required component of the required supplementary information preceding the basic financial statements for general-purpose governments.
Choice "a" is incorrect. Preparation of Management's Discussion and Analysis is not limited to instances in which a government issues publicly offered debt.
Choice "c" is incorrect. Management's Discussion and Analysis is considered to be required supplementary information but is placed before the basic financial statements.
Choice "b" is incorrect. Management's Discussion and Analysis is not optional, it is mandatory.