Michael and Michelle Are Partners in M & M Consulting

question 18

Essay

Michael and Michelle are partners in M & M Consulting, a firm that specializes in technology-related issues for accounting information systems. They are currently working with a large publicly-traded corporation to implement XBRL for financial reporting to the SEC. The partners are illustrating XBRL to the client's board of directors using a purchase order as an example.
-In your own words, define the following terms related to XBRL: extensible, specification, taxonomy, namespace, instance document.

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Definitions:

Sole Proprietorships

Businesses owned and operated by one individual; the most common form of business organization in the United States.

S Corporation

A corporation taxed as though it were a partnership with restrictions on shareholders.