Michael and Michelle Are Partners in M & M Consulting

question 42

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.
-List three pieces of information commonly included on a purchase order. Create appropriate XBRL tags for each item you identify.

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Definitions:

Annual Income

The total amount of money earned by an individual or business in one year from all sources.

Work Effort

The amount of physical or mental energy used to perform a task or achieve an objective.

Economic Pie

A metaphor for the total amount of wealth or resources available in an economy that can be distributed among its participants.

Reward

A benefit or return that results from performing a particular action or behavior, often seen as a motivation.