An Accountant at RDR Corporation, an Investment Management Firm, Was

question 1

Multiple Choice

An accountant at RDR Corporation, an investment management firm, was using XBRL to prepare the company's income statement for transmission to the SEC. The accountant had to create a tag for an account unique to RDR's accounting information system, which she then defined in an appropriate location on RDR's web site.
-Which of the following phrases from the RDR scenario is most closely associated with the term "extensible?"

• A) Investment management firm.
• B) XBRL.
• C) Create a tag.
• D) RDR's web site.

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Definitions:

Non-current Asset

Assets not expected to be converted into cash, consumed, or utilized within one year of the balance sheet date, including property, plant, and equipment.

IFRS

International Financial Reporting Standards, a set of global accounting standards developed by the International Accounting Standards Board.

Contingent Liabilities

Potential liabilities that may occur depending on the outcome of a future event.

Contingency

An uncertain event or condition that can have a positive or negative impact on a company's financial position if it occurs.