Other comprehensive basis of accounting (OCBOA)includes all of the following except
A) Statements that conform to a regulatory agency.
B) Statements prepared on a tax basis.
C) Statements that conform to accounting principles that are generally accepted.
D) Statements prepared on a cash basis.

Question

Quizplus · Accepted Answer

Other comprehensive basis of accounting (OCBOA) includes statements that conform to a regulatory agency or are prepared on a tax or cash basis. However, OCBOA does not include statements that conform to accounting principles that are generally accepted (GAAP), as GAAP is a recognized accounting framework and not an alternative basis of accounting.

Other Comprehensive Basis of Accounting (OCBOA)includes All of the Following