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:

Rack and Pinion

A type of linear actuator that converts rotational motion into linear motion using a circular gear (the pinion) engaging a linear gear (the rack).

Recirculating Ball

A type of steering system mechanism that utilizes a series of balls to reduce friction and provide smoother steering control.

Belt-driven

Describes mechanisms or devices powered by a belt, which transfers movement and power from one pulley to another.

Pump

A mechanical device used to move fluids or gases from one place to another by creating pressure differential.