F2 Other Financial Statement Presentations Flashcards
1
Q
Other Comprehensive Bases of Accounting (OCBOA)
A
statements that have a wide-spread of understanding and support
- cash basis
- tax basis
- definite set of criteria have substantial support
- a regulatory basis
2
Q
Personal Financial Statements
A
Assets - measured at estimated current value on the date of the financial statement
Liabilities- measured at estimated current value on the date of the financial statement
- consist of a statement of financial condition and a statement of net worth
