Organizations Can Benefit from XBRL by Obtaining Quicker Responses from Counterparties

question 39

Multiple Choice

Organizations can benefit from XBRL by obtaining quicker responses from counterparties. Examples of counterparties include:

• A)The SEC.
• B)Lenders.
• C)Both A and B.
• D)Neither A nor B.

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Definitions:

Interest Cost

The total expense for borrowing money, typically expressed as an annual percentage of the loan amount.

Actuarially Assumed

Actuarially assumed involves estimations or calculations made based on actuarial methods, often related to insurance or pensions, to predict future obligations or costs.

Defined Contribution Pension Plan

A retirement plan where an employer, employee or both make contributions, with future benefits dependent on investment performance.

IRS Approved

Indicates that a financial arrangement or practice has been sanctioned or recognized by the Internal Revenue Service.