Common-sized financial statements have been reworked (using the original entries) to fit a standard format that has been developed by a major accounting firm.

Question

Quizplus · Accepted Answer

Common-sized financial statements are standardized by expressing each line item as a percentage of a base figure, not by reworking entries to fit a format developed by an accounting firm.

Common-Sized Financial Statements Have Been Reworked (Using the Original Entries)