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 financial statements that do not conform to accounting principles that are generally accepted, such as statements prepared on a cash basis or on a tax basis. However, statements that conform to a regulatory agency are not considered OCBOA as they are required to conform to specific accounting principles and standards set by the regulator. Therefore, the correct option is C as it includes statements that conform to accounting principles that are generally accepted, which is not a type of OCBOA.

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