XBRL Allows Organizations to Focus Effort on Analysis, Forecasting and Decision

question 33

Multiple Choice

XBRL allows organizations to focus effort on analysis, forecasting and decision making.Which of the following includes one example of each of those tasks?

• A)Interpreting financial statement ratios, preparing a sales budget, raising or lowering prices
• B)Preparing a sales budget, forecasting future risks using the COSO framework, adopting new internal controls
• C)Interpreting financial statement ratios, forecasting future risks using the COSO framework, raising sales prices
• D)Preparing a sales budget, lowering sales prices, creating a systems flowchart

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Definitions:

Bank Statement Reconciliation

The process of comparing one's personal or business financial records to the bank's records to ensure they match.

Double-entry Bookkeeping

A bookkeeping technique in which each transaction is recorded by entering corresponding and opposite amounts in two different accounts.

Professional Collections

The process of pursuing payments of debts owed by individuals or businesses, often conducted by specialized agencies or departments.

Co-payment

A specified amount the insured must pay toward the charge for professional services rendered at the time of service.