Refer to the chapter opener, Meet Charlie Hoffman. XBRL is being used around the globe for digital business and financial reporting purposes. In your opinion, why is XBRL becoming globally accepted for financial reporting?
What will be an ideal response?
XBRL makes the flow of financial and business reporting data more transparent and efficient.
The traditional financial reports are presented in formats like Adobe PDF, MS Word, MS Excel files. These formats are proprietary and difficult to consistently extract financial data hidden in financial statements.
But XBRL financial reports are Internet-based and they can be viewed on common browsers on any computer system. XBRL will also reduces data entry errors and encourages more analysis of accounting reports
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A ________ plan distributes compensation based on some established formula designed around revenue of the company
A) piece-rate B) merit-based C) skill-based D) profit-sharing E) competency-based
Which statement is true regarding canned software and the SDLC?
A) Canned software cannot be modified to meet unique user needs. B) Companies that buy, rather than develop, AIS software can still follow the SDLC process. C) Most canned software meets all of a company's information or data processing needs. D) The SDLC process does not apply to purchasing canned software.