Which of the Following Statements About XBRL Is Most True

question 61

Multiple Choice

Which of the following statements about XBRL is most true?

• A)Because it is extensible, companies can create new specifications that reside in an Internet namespace.
• B)Because it is organized in taxonomies, it is extensible.
• C)Because it is extensible, companies can create tags that are used in instance documents, as long as they are defined in a namespace.
• D)All of the above statements are true.

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Definitions:

Cost Control

The process of monitoring and regulating the expenses of a business to adhere to budgets and optimize profitability.

Standard Costs

Estimated expenses for materials, labor, and overhead that a company aims to achieve for its products or services.

Weighted Average Costing

A method of calculating the cost of inventory based on the average cost of all similar items in stock, weighted by the quantities of each item.

Unit Costs

The expense associated with creating, keeping, or buying a single unit of a good or service.