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XML Is an XBRL-Based Language Consisting of a Set of Tags

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XML is an XBRL-based language consisting of a set of tags that are used to unify the presentation of business reporting information into a single format that can be easily read by almost any software package and can be easily searched by Web browsers.


Definitions:

Asset Account

An account recorded on the balance sheet that represents items of value owned by a company, such as cash, inventory, buildings, and equipment.

Straight-line Method

A method of calculating depreciation by uniformly distributing the cost of an asset minus its salvage value over its useful life.

Gain on Sale

The financial benefit that occurs when the selling price of an asset exceeds its original purchase price.

Loss on Sale

Loss on Sale occurs when the selling price of an asset is less than its carrying amount on the books, resulting in a financial loss.

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