The Stated Advantages of XBRL GL Include

question 33

Multiple Choice

The stated advantages of XBRL GL include:

• A) Flexibility
• B) Wide acceptance by the market
• C) Scalability
• D) Network Effects

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Definitions:

Financial Statements

Reports that summarize the financial performance and position of a business, including the balance sheet, income statement, and statement of cash flows.

Debits

Accounting entries that increase asset or expense accounts or decrease liability, equity, or revenue accounts.

Credits

Entries made on the right side of an account in double-entry bookkeeping, which decrease assets or increase liabilities and equity.

Classified Balance Sheet

A balance sheet that organizes a company's assets, liabilities, and equity into subcategories for clearer understanding.