Extensible Business Reporting Language (XBRL)provides a Computer Readable Identifying Tag

question 12

Multiple Choice

Extensible Business Reporting Language (XBRL) provides a computer readable identifying tag for each individual item of data.The advantages of XBRL include all of the following except

• A)increases the speed of handling of financial data.
• B)reduces the chance of error.
• C)improves the full disclosure of financial information.
• D)permits automatic checking of information.

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Definitions:

Sales Taxes

Taxes imposed by governments on the sale of goods and services.

Regressive

A type of tax system in which the tax rate decreases as the taxable amount increases, often placing a higher burden on lower-income earners.

Inelastic Supply

A situation where the supply of a good does not significantly change when its price changes, often due to limitations in production capabilities or time constraints.

Excise Tax

A tax imposed on specific goods or services, such as tobacco and alcohol, often intended to discourage their use or generate revenue.