True or False: All data in the three federal financial reports are presented for past and current years.

• A. True
• B. False
• C. Not Sure
• D. N/A

Answer: (A)

Two-year comparatives are built into the federal financial reports. Each of the three main statements presents figures for the current fiscal year alongside the prior year, so readers can see how financial position and costs have changed over time. This setup supports trend analysis, accountability, and informed decision-making. Notes may include additional historical data, but the primary presentation emphasizes the current year and the immediately preceding year. Therefore, the statement that all data are presented for past and current years is correct.