What Is the Format the Securities and Exchange Commission (SEC)

question 56

Multiple Choice

What is the format the Securities and Exchange Commission (SEC) has mandated for filing financial information?

• A) Comma-delimited files
• B) XML files
• C) HTML files
• D) XBRL files

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Definitions:

Total Unsecured Liabilities

Liabilities that are not protected by collateral or a guarantee, meaning that the lender does not have rights to specific assets if the borrower defaults.

Bankruptcy Petition

A legal document filed by an individual or business entity declaring inability to pay outstanding debts, seeking relief through the judicial system.

Net Realizable Value

The estimated selling price of goods minus the costs of their sale or disposal, used to assess the value of inventory in accounting.

Unsecured Creditors

Creditors who have extended credit without any collateral. In the event of a borrower's bankruptcy, they stand behind secured creditors in the priority of claims.