Custom Summary Formulas for Custom Reporting Needs

A.

The statement "Custom Summary Formulas are based on hard record values but used to create a temporary formula for custom reporting needs" is true.

Custom summary formulas in Salesforce are used to create a formula field on a report that calculates a summary value based on the underlying detail records. These formulas are temporary and only exist within the context of the report. They are not stored as fields on the object or in the database.

Custom summary formulas can be based on hard record values, such as fields on the object or related objects. They can also use standard arithmetic and logical operators, as well as conditional statements and functions to manipulate data and create custom calculations.

For example, a custom summary formula could be used to calculate the total revenue generated by a set of opportunities in a report, by summing up the Amount field for each record. Another example could be to calculate the average age of contacts based on their birthdate field.

Overall, custom summary formulas provide a flexible way to create custom calculations for reporting needs without the need to create new fields on the object or store the calculations in the database.