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:

Interim Reporting

The financial reporting on a company's activities during a portion of the fiscal year, such as quarterly or semi-annual reports.

Inventory Procedures

Established methods for managing and controlling inventory levels, valuation, and turnover.

Gross Profit Method

An inventory valuation technique estimating the cost of goods sold and the ending inventory, based on the gross profit margin.

LIFO Liquidations

A situation where older inventory, costed at historical prices, is sold, potentially leading to an inflated profit margin due to lower cost of goods sold.