Cash, Modified Cash

Question 1

Want to do with prior year income tax basis actg mistakes on rental expense?

Answer 1

As prior year adjustment in current year

Question 2

Under other comprehensive basis of accounting, what basis can be used?

Answer 2

Modified accrual
Income tax basis
Pure cash

excluding GAAP accounting = accrual basis

Question 3

Who uses other comprehensive actg basis?

Answer 3

Sole proprietorship
No public company
Closely held corporates 
They could use 
(Pure)Cash basis, modified cash basis, income tax basis, regulatory basis, and it basis its substantial support

Question 4

When modified cash basis is used, what transactions have to follow the same basis?

Answer 4

All others accounts have to follow

Including long term assets, deprecation related to it, debt and related interest expense

Question 5

Under modified cash or cash basis Of actg, what tare the titles used for financial statements?

Answer 5

Stmt of cash receipts and disbursements
Stmt of financial position
B/S