Which of These Best Describes the Current State of XBRL

question 37

Multiple Choice

Which of these best describes the current state of XBRL?

• A)It now lacks standards, but the hope is that we will get some soon
• B)The language is completely standardized
• C)The language is dynamic and standards are still being developed
• D)The language now awaits official sanction by the United Nations before being released for use

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Definitions:

Limited Liability

A legal structure that limits the financial responsibility of an entity's owners or shareholders to the amount they have invested, protecting personal assets from business debts.

Fiduciary Duty

An obligation to act in the best interest of another party, typically in financial or trust relations.

Winding-Up Process

The formal process of dissolving a company, involving the liquidation of assets, paying off creditors, and distributing any remaining assets to shareholders.

Partnership Assets

Assets or property owned by a partnership entity, which are used for conducting its business activities.