What financial statement is required if the total cost of a project is less than $750,000?

The correct answer is that a compiled financial statement from a licensed certified public accountant is required when the total cost of a project is less than $750,000. This requirement emphasizes the importance of maintaining accurate and credible financial documentation in construction projects.

A compiled financial statement provides an organized overview of a contractor's financial position, which is particularly useful for both the contractor and stakeholders involved in the project. Having this financial information compiled by a licensed certified public accountant adds a layer of reliability and professionalism, ensuring that all figures and estimates are presented fairly and according to professional standards. This helps maintain transparency and accountability, which are crucial in the construction industry.

While other choices present various forms of financial documentation, they do not fulfill the requirement for a formal and credible accounting statement from a licensed professional, which is what makes option B the correct and appropriate choice in this context.