Explain Why Other Comprehensive Bases of Accounting (OCBOA)may Be Used

question 22

Essay

Explain why other comprehensive bases of accounting (OCBOA)may be used by a state or local government instead of GASB standards which are generally accepted accounting principles (GAAP).

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Definitions:

Incident Report

Rephrased: An official document detailing an occurrence that deviated from the norm, often for the purpose of future prevention.

Directive

An instruction or order given by someone in authority.

Meeting Minutes

The written record of the events, discussions, and decisions of a meeting, intended to provide an official and organized documentation of the meeting's proceedings.

Indirect Costs

Expenses not directly tied to the production of goods or services but are necessary for the overall operation, such as utilities or administrative salaries.