Which of the Following Is True of a Summary Report

question 7

Multiple Choice

Which of the following is true of a summary report?

• A) It is a structured and comprehensive submission.
• B) It includes certain minimum elements already included in the detailed report.
• C) It identifies the procedures and scope of work performed.
• D) It is a limited scope report and should be explicitly titled as a "summary report."

---

Definitions:

Nonrefundable Up-Front Fees

Payments made upfront for services that will not be returned, even if the service or product is not used or delivered as expected.

GAAP

Generally Accepted Accounting Principles; a set of accounting standards and practices used to prepare financial statements in the U.S.

Service Contract

A service contract is a legally binding agreement between two parties where one agrees to provide a specified service to the other for a payment.

SEC

The U.S. Securities and Exchange Commission, a federal agency that regulates the securities markets and protects investors.