Which of the Following Is Not a Comprehensive Basis of Accounting

question 614

Multiple Choice

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

• A) Cash receipts and disbursements basis of accounting.
• B) Basis of accounting used by an entity to file its income tax return.
• C) Basis of accounting used by an entity to comply with the financial reporting requirements of a government regulatory agency.
• D) Basis of accounting used by an entity to comply with the financial reporting requirements of a lending institution.

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Definitions:

Section 29

Without additional context, this is too vague, but it could refer to a specific section of a law or regulation depending on the context.

Ambiguous

Lacking clear definition or boundaries, open to more than one interpretation or understanding.

Plain Language

Writing designed to ensure the reader understands as quickly, easily, and completely as possible.

Bilateral Contract

An agreement between two parties where each promises to perform an act in exchange for the other party's act.