COMPREHENSIVE BASIS OF ACCOUNTING Definition

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COMPREHENSIVE BASIS OF ACCOUNTING is a complete set of rules other than U.S. GAAP applied to all items in a set of financial statements. Examples include a basis of accounting required by a regulatory agency, a basis of accounting the entity uses for its income tax return and the cash receipts and disbursements basis.

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SECURED TRANSACTION is the right to repossess goods as security for payment of a debt.

NON-TRADE DEBT is that debt where invoices are issued to individuals not suppliers (trade).

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