Discuss the primary advantage of XBRL over traditional HTML as a means of on-line reporting of financial information to users
Online reporting of financial data has become a competitive necessity for publicly traded organizations. Currently, most organizations accomplish this by placing their financial statements and other financial reports on their respective Web sites as HTML (Hyper Text Markup Language) documents. These documents can then be downloaded by users such as the SEC, financial analysts, and other interested parties. The HTML reports, however, cannot be conveniently processed through IT automation. Performing any analysis on the data contained in the reports requires them to be manually entered into the user's information system. The solution to this problem is eXtensible Business Reporting Language (XBRL), which is the Internet standard specifically designed for business reporting and information exchange. The objective of XBRL is to facilitate the publication, exchange, and processing of financial and business information. XBRL documents can thus be downloaded, interpreted, and analyzed using computer software with no additional manual data input necessary.
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Which of the following is true for franchisors?
A) The franchisor has to pay the franchisee to be part of the franchise system. B) The franchisor licenses the trade mark from the franchisee. C) The franchisor must change its operations to suit those of the franchisee's. D) The franchisor collects royalty payments from the franchisee. E) The franchisor pays start-up costs for the franchisee.
At the end of the period, the income statement shows total bank credit card fees for the period as a reduction of sales to determine net sales
Indicate whether the statement is true or false
Which of the following tends to be the most common method for understating cost of goods sold?
a. Understating purchases b. Overstating purchase returns c. Overstating inventory d. Overstating purchase discounts
All of the following may help you communicate information in a more comprehensible manner than your words alone, EXCEPT
a. the words of a well-known figure. b. a passage from a work of literature. c. the words of ordinary people. d. a phrase that is unfamiliar to the audience.