XBRL Does All of the Following Except

question 43

Multiple Choice

XBRL does all of the following except:

• A) Enhances speed and accuracy of business reporting.
• B) Provides major benefits in the preparation, analysis and communication of business information.
• C) Serves as a universal standard for financial reporting information in the individual investor community.
• D) Facilitates business reporting of financial and nonfinancial data.

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Definitions:

IFRS

International Financial Reporting Standards, which are accounting rules set by the International Accounting Standards Board (IASB) for the preparation of financial statements globally.

GAAP

Stands for Generally Accepted Accounting Principles, which are a common set of accounting rules and standards used in the United States.

Notes Payable

Written agreements where a borrower promises to pay back a specified sum to the lender at a future date.

Adjusting Entry

A journal entry made at the end of an accounting period to record any unrecognized income or expenses for that period.