Which of the following is not a comprehensive basis of accounting other than generally accepted accounting principles?

Question

Quizplus · Accepted Answer

Choice "D" is correct. A basis of accounting used by an entity to comply with the financial reporting requirements of a lending institution is not a comprehensive basis because such a requirement, in itself, would not have substantial support. A comprehensive basis of accounting other than GAAP is one of the following: 1. Cash basis and modified cash basis 2. Tax basis 3. Prescribed regulatory basis 4. Other basis with substantial support (e.g., price-level basis). Choices "A", "B", and "C" are incorrect, as explained above.

Which of the Following Is Not a Comprehensive Basis of Accounting