XBRL's Global Ledger Taxonomy Can Be Used for Transaction Processing

question 47

Multiple Choice

XBRL's global ledger taxonomy can be used for transaction processing, while the US financial reporting taxonomy is focused on output reports.Which of the following XBRL tags would you expect to find as part of the global ledger taxonomy?

• A)<documentType>invoice</documentType>
• B)<totalAssets>10000</totalAssets>
• C)Both <documentType>invoice</documentType> and <totalAssets>10000</totalAssets>
• D)Neither <documentType>invoice</documentType> nor <totalAssets>10000</totalAssets>

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Definitions:

Administratively Impractical

A situation or condition that is so difficult or complicated to manage or implement from an administrative point of view that it is practically impossible.

Welfare Payments

Government financial aid provided to individuals or families in need, for living expenses and basic needs.

Reported

The act of declaring or disclosing income, transactions, or other financial information to tax authorities.

Income Recognition

The accounting principle that determines the specific conditions under which income becomes taxable.