- CFA Exams
- CFA Level I Exam
- Topic 4. Financial Statement Analysis
- Learning Module 1. Introduction to Financial Statement Analysis
- Subject 3. Regulated Sources of Information
CFA Practice Question
Interim financial statements ______
II. are in condensed form.
III. are not subjected to a full audit.
I. include less detail than the annual report.
II. are in condensed form.
III. are not subjected to a full audit.
Correct Answer: I, II and III
Interim financial statements include less detail than the annual report. They are also in condensed form and are not subjected to a full audit.
User Contributed Comments 9
| User | Comment |
|---|---|
| Dinosaur | what is meant by condensed form? |
| rethan | Interim financial statements are not FULLY audited. i.e. there is some auditing, but not full. |
| rethan | Dinosaur: Condensed- Abbreviated/is lesser in detail |
| pappoo | yes less details |
| johntan1979 | In finance, condensed means summary. In food, condensed means concentrated. |
| ldfrench | You are so wise^ |
| rabihCH | i love these comments. make studying less painful! :) |
| ibrahim18 | @rabihCH. I agree. I always look forward to the comments |
| SeanReam | There is no such thing as "some auditing", if its audited it has an auditors report. It gets reviewed which means the accounting is checked but the substance of it isn't tested. |