XBRL (EXtensible Business Reporting Language)is an Open,global Standard for Exchanging

question 23

True/False

XBRL (eXtensible Business Reporting Language)is an open,global standard for exchanging financial reporting information.

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Definitions:

Accounts Payable

Money owed by a company to its suppliers or vendors for goods and services received but not yet paid for.

Note Payable

A written agreement where one party promises to pay another party a certain amount, usually including interest, at a future date.

Interest Payment

The amount paid by a borrower to a lender as a charge for borrowing money, typically expressed as an annual percentage of the principal.

Financing Activity

Transactions and events where cash is raised for investing in the business or repaying funds borrowed by the company, supplied through equity or debt.