A Taxonomy Is a Dictionary That Defines the XBRL Tags

question 95

True/False

A taxonomy is a dictionary that defines the XBRL tags used for specific data items.

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Definitions:

Selling Price

The amount a company charges for its product or service, which can impact demand, revenue, and profitability.

Direct Materials

Raw materials that can be directly identified with the production of specific goods or services.

Variable Cost

Costs that vary directly with the level of production or volume of operations.

Sales Volume

The quantity of products or services sold by a business within a specific time period.