XBRL Assurance Is Generally Expected to Include All of the Following

question 4

Multiple Choice

XBRL assurance is generally expected to include all of the following except:

• A)Assurance that the most current,standardized XBRL taxonomy is used.
• B)Assurance that the underlying financial and nonfinancial data that is used in XBRL tagging is reliable.
• C)Assurance that the XBRL tagging is accurate and complete.
• D)Assurance that reports include all relevant financial and nonfinancial information.

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Definitions:

Recognizing Receivable

The accounting process of recording revenue when earned and receivables that are expected to be collected, regardless of cash receipt.

Allowance Account

An account used to record reductions in the book value of accounts receivable due to potential future defaults on payments.

Doubtful Accounts

Doubtful accounts represent receivables that a company is uncertain to collect, typically categorized separately to reflect potential losses.

Cash Discount

A reduction in the invoice amount by the seller if the buyer pays their bill within a specified time frame, incentivizing prompt payment.