Many Financial Reporting Systems Within Enterprise Systems Have General Ledgers

question 3

True/False

Many financial reporting systems within enterprise systems have general ledgers that are consistent with XBRL called XBRL-GL.

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Definitions:

Inventory Carrying Costs

Expenses related to storing and maintaining a company's stock, such as warehousing, insurance, and taxes.

Depreciation

An accounting method of allocating the cost of a tangible or physical asset over its useful life, representing how much of an asset's value has been utilized.

Collection Policy

Collection Policy outlines the procedures a company follows to collect accounts receivable or outstanding invoices.

Tighter Collection

Refers to the implementation of more stringent policies or practices to accelerate the collection of receivables.