Financial statements that are developed from and summarize the overall information presented in audited financial statements are referred to as:
A)Agreed-upon procedure financial statements.
B)Compiled financial statements.
C)Summary financial statements.
D)Reviewed financial statements.

Question

Quizplus · Accepted Answer

Summary financial statements are developed from audited financial statements and provide a condensed overview of the key financial information presented in the audited statements. They do not provide the same level of detail or assurance as audited, reviewed, or compiled financial statements.

Financial Statements That Are Developed from and Summarize the Overall