Here's an alternative method, which works great in Basic D&D:
When you roll a monster's attack, add the monster's HD and his opponent's AC to the d20 result. If the total is 20 or more, the monster hit. The Monster Attacks table (page B27, Moldvay Basic) has a simple repeating pattern to it, and using the above formula replicates the chart numbers, up to 9 HD anyway (after that, the chart's progression slows down to +1 for every 2 HD, but that's easy enough to remember since 9th level is name level). Btw, there are very few monsters > 9 HD in Basic D&D.
So for monsters up to 9 HD, you don't even need to have a BAB or THAC0 written down in the stat block. Pretty cool, huh?
The monster's HD is his combat rating.
For characters, it's a little different since the classes don't have identical combat ability. So you have to give each class its own progression, kinda like 3e did with BAB. Here's the numbers:
Base THMod Values by Class and Level
[copied & pasted from OD&DITIES #9]
Code:
Magic-User Cleric/Thief Fighter Base THMod
1 - 5 1 - 4 1 - 3 +1
6 - 10 5 - 8 4 - 6 +3
11 - 15 9 - 12 7 - 9 +5
16 - 20 13 - 16 10 - 12 +7
21 - 25 17 - 20 13 - 15 +9
26 - 30 21 - 24 16 - 18 +11
31 - 35 25 - 28 19 - 21 +13
36 29 - 32 22 - 24 +15
33 - 35 25 - 27 +17
36 28 - 30 +18
31 - 33 +19
34 - 36 +20
As you can see, here too there is a simple repeating pattern for each class, so you don't even need to refer to this table. And the math is the same: d20 + THMod bonus + opponent's AC. If the result is 20 or more then you it.
Negative ACs themselves aren't really problematic since it's very difficult to get a negative AC in Basic D&D, and even then it's usually a small number like -1 or -2. That kind of substraction is not something most people will struggle with, even those who failed 5th grade math.
Incidentally, there are only two monsters with negative AC in the Moldvay Basic book: Red Dragon (AC -1) and Gold Dragon (AC -2).
The only confusing part (for those who are new to the game) is that a +1 magic shield or armor actually subtracts to the AC, and vice-versa. Thankfully though, this is a one-time calculation, not something you do every attack.
I hope this helps somebody...