XBRL Serves as a Means to Electronically Communicate Business Information

question 58

True/False

XBRL serves as a means to electronically communicate business information to facilitate business reporting of financial and nonfinancial data to users.XBRL greatly enhances the speed and accuracy of business reporting.

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Definitions:

Net Income

The total profit or loss of a company after all revenues, costs, expenses, and taxes have been accounted for.

Common Stock

A type of security that represents ownership in a corporation, granting holders voting rights and a share in the company’s profits through dividends.

Return On Total Assets

A profitability ratio measuring net income produced by total assets during a period by comparing net income to the average total assets.

Dividends

Distributions to shareholders from a corporation, typically originating from the firm's earnings.