Which of These Best Describes the Current State of XBRL

question 37

Multiple Choice

Which of these best describes the current state of XBRL?

• A)It now lacks standards, but the hope is that we will get some soon
• B)The language is completely standardized
• C)The language is dynamic and standards are still being developed
• D)The language now awaits official sanction by the United Nations before being released for use

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Definitions:

Uncollectible

Refers to debts that have been deemed uncollectible from debtors, often written off as a loss by the business.

Income Statement Approach

A method for preparing the bad debt expense by estimating the amount of accounts receivable that will not be collected and adjusting the allowance for doubtful accounts accordingly.

Bad Debts Expense

The cost associated with accounts receivable that a company does not expect to collect due to customer default.

Receivables

Receivables, often called accounts receivable, are the funds owed to a company by clients or customers for goods or services already delivered or used but not yet paid for.