GAAP is a comprehensive basis of accounting? Question Becker?

I’m investigate for my CPA examination as well as the book raises the subject make the difference so confused. Maybe we can answer this for me. “This is not the extensive basement of accounting alternative than GAAP? A) money profits as well as disbursements basement b) the basement he uses his taxation lapse C) formed upon the association uses imitate with the stating mandate of the credit establishment D) bottom used by the association , to compare with mandate for monetary stating by the supervision regulatory authority. PS: This investigate beam does not enclose viewable answer. Thank we to everybody who can help.

Tagged as: Accounting, basis, Becker, comprehensive, Gaap, Question

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Angela X May 19, 2010 at 4:46 pm: GAAP is a comprehensive basis of accounting. A lot of financial statements are prepared using GAAP. But also a lot of financial statements are prepared with other comprehensive basis of accounting ( the term–other comprehensive basis of accounting—OCBOA). This multiple choice is asking you to pick the one which is not one of OCBOA.

So C)…lending institution is the answer

Because in Becker’s book —2005 version…page A5-3
Each of the following would be considered a comprehensive basis of accounting (OCBOA) other than GAAP.
1. A cashi receipts and disbursements system
2. A basis of accounting that the entity uses (or expect to use) to file its income tax returns.
3. A basis of accounting used to comply with the requirements of a governmental regulartory agency having jurisdiction over the reporting entity.
4. A definite set of criteria having substantial support that is applied to all material items, such as price-level adjusted financial statements.

So C)…lending institution is the answer

GAAP IS A COMPREHENSIVE BASIS OF ACCOUNTING? QUESTION BECKER?

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