XBRL Is an Integrated Information System That Supports All Functional

question 49

True/False

XBRL is an integrated information system that supports all functional areas of a business.

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Definitions:

Expenses

Costs incurred by a business in the process of earning revenues, including utilities, rent, payroll, and materials.

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, representing the ownership interest in the company.

Beginning Assets

The value of all assets owned by a company at the start of a financial accounting period.

Ending Liabilities

The total amount of obligations and debts a company has at the end of an accounting period.