SC General Contractor Practice Questions - South Carolina General Contractor Exam

Which statement correctly describes South Carolina general contractor financial statement requirements?

All license groups require audited CPA financial statements only Requirements vary by group; Groups 1-2 may use owner-prepared statements while Groups 3-5 require CPA-prepared statements per S.C. Code § 40-11-260 No financial documentation is ever required Only a bank reference letter is accepted instead of financial statements

Correct Answer:

Requirements vary by group; Groups 1-2 may use owner-prepared statements while Groups 3-5 require CPA-prepared statements per S.C. Code § 40-11-260

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