The Statement That "All Current Software Can Import,export and Process

question 43

Multiple Choice

The statement that "All current software can import,export and process data in XBRL format" is put forward on the basis that:

• A)These pieces of software can manipulate XML.
• B)These pieces of software are designed specifically to support XBRL.
• C)These pieces of software are semantic-based.
• D)These pieces of software are GAAP and IFRS compliant.

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Definitions:

Electronic Commerce Transactions

Business dealings conducted over electronic systems such as the internet, including buying and selling goods or services and the transfer of money.

Contract Elements

Essential components required for a legally binding contract, including offer, acceptance, consideration, capacity, and legality.

Uniform Electronic Commerce Act

Legislation aimed at standardizing and facilitating electronic transactions across jurisdictions.

UECA

Stands for Uniform Electronic Commerce Act; a set of laws intended to facilitate electronic commerce by giving legal recognition to electronic records and signatures.