An Income Statement Is an Example of an XBRL Instance

question 68

True/False

An income statement is an example of an XBRL instance document.

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Definitions:

Job-Order Costing

A costing method used to accumulate costs associated with a specific batch of products, where each job (or batch) is treated as a separate cost unit.

Manufacturing Overhead

All indirect costs associated with the production process, such as utilities, quality control, and maintenance expenses.

Cost of Goods Sold

The direct costs attributable to the production of goods sold by a company, including materials, labor, and manufacturing overhead.

Balance Sheet

The balance sheet is a financial statement that shows a company’s assets, liabilities, and shareholder equity at a specific point in time.