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XBRL Tags Enable Computers to Process Data Intelligently by Storing

question 16

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XBRL tags enable computers to process data intelligently by storing, updating, searching, analyzing, transmitting, and communicating with greater speed, standardization, and capabilities.

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Definitions:

Accounts Receivable

Money owed to a company by its customers from sales or services rendered on credit.

Income Tax Payable

A liability account on a company's balance sheet representing the taxes owed to the government but not yet paid.

Sales

The trading of products or services in return for money, which serves as the main income stream for the majority of companies.

Cost of Goods Sold

The immediate expenses incurred in the production of a company's sold goods, encompassing materials, labor, and overhead costs.

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