XBRL Allows Organizations to Save Costs by Preparing Data in One

question 35

Multiple Choice

XBRL allows organizations to save costs by preparing data in one form and automatically generating many outputs. Which steps in the accounting cycle are therefore affected by using XBRL?

• A)Posting from the journal to the ledger.
• B)Preparing an adjusted trial balance.
• C)Both A and B.
• D)Neither A nor B.

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Definitions:

Merchandise Returned

Items sent back to the seller by the buyer due to defects, dissatisfaction, or other reasons, often part of a refunds or exchanges process.

FOB Destination

A shipping term indicating that the seller owns the goods in transit and is responsible for freight charges and any damage until the goods are delivered to the buyer’s location.

Freight Costs

Expenses associated with transporting goods between the vendor and the buyer, which may be borne by either party.

Sales Discount

A reduction from the usual cost of a product or service offered to customers to encourage prompt payment or increase sales.