The General Ledger/Financial Reporting System as a vital part of the Accounting Information Systems, assists management of listed US companies to meet their reporting obligations to the Securities and Exchange Commission(SEC). The SEC now requires US companies to submit their financial reports using the eXtensible Business Reporting Language (XBRL) format. Required: Discuss the primary advantage of XBRL over traditional HTML as a means of online reporting of financial information to users.

Q: Financial accounting is one of the branches of accounting specialized in recording, classifying,…

A: Financial accounting is used to prepare financial statement which helps in calculating Revenue…

Q: Choose the term or phrase below that best completes each statement.a. Accounting c. Recording e.…

A:

Q: True or False A firm should be able to trace amounts through the accounting records and back to…

A: Accounting books: Accounting books is one the important part of accounting process where many books…

Q: b) Currently, most governments worldwide require business organization to Comply with automated…

A: Inner control, as characterized in bookkeeping and examining, is a cycle for guaranteeing…

Q: Give an example of how financial statements can be used internally by themanagers of a company.

A: Answer: Financing statements help companies to understand the financial health and are used for…

Q: Which of the following is a feature of the transaction file? Conceptually similar to the ledger in…

A: A transaction file is the file which contains the list of transactions. It is used to update the…

Q: What is the importance accounting standard for the purpose of preparng financial reports,…

A: Accounting standards are the rules and policies which are followed so that the financial statements…

Q: What is the relationship between Accounting and an Accountinginformation system? ) • What has…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The two main sets of accounting standards followed by businesses are GAAP and IFRS. Briefly explain…

A: Balance Sheet:   It is a financial statement prepared by an organization at the end of the trading…

Q: Accounting professionals apply many technology tools to aid them in their everyday tasks and…

A: Accounting is the process used for recording the business’s financial information to obtain the…

Q: The company has decided to put all its financial reports on its website to increase .......... with…

A: The correct answer is Option (A)  Transparency.

Q: Accounting is often referred to as "the language of business." Using research and supporting…

A:

Q: Briefly discuss why global accounting standards are needed in today's business environment.

A: The Accounting standards differ from country to country for many raisons. These differences can…

Q: One of your clients has recently read about the goal of converging to International Accounting…

A:

Q: Explain why the implementation of ERP in a company, especially SAP, can simplify the accounting…

A: Answer:-  Auditing meaning:- Auditing can be defined as the verification activity of a process or…

Q: describe the process of recording business transactions using an accounting system based on the…

A: There are different processes of recording business transactions. One of them is an accounting…

Q: a. How does the title relate to the description of accounting as the “language of business” and to…

A: Part C is support question, so we could answer only first two questions. The title of the text book…

Q: Explain how the increased use of e-commerce, including electronic data interchange (EDI), by…

A: Introduction:In 21st century, the business world is consumed more and more by E-business. While the…

Q: What is global accounting standard that is helping entities, accountants and investors operate…

A: International financial reporting standards (IFRS) framed by international accounting standard board…

Q: Which of the following is NOT a purpose of the Transaction Processing System?a. managing and…

A:

Q: Besides accountants, which users do you think rely on journal and ledger records (e.g., managers,…

A: Accounting is the procedure for recording, classifying, summarizing and interpreting the financial…

Q: What is the relationship between Accounting and an Accountinginformation system?  • What has…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: r newsletter for staff involved in the preparation of the above financial reports. The purpose of…

A: The following are detailed instructions for accomplishing this task: Changes and developments must…

Q: Accounting is sometimes called the “language of _____.”A. Wall StreetB. businessC. Main StreetD.…

A: Accounting entails summarizing, analyzing, and disclosing these transactions to auditing…

Q: What are the 2 specific advantages of Accounting Information Systems (AIS) to ease accountants in…

A: Accounting information system is the system which collects, stores, records, summarise and report…

Q: Recording transactions in the accounting system requires knowledge of the important characteristics…

A: IASB has made a revised framework which has been released in 2018

Q: You are the senior accountant in a company and in charge of the accounts department. One of your…

A: International accounting standard board is an independent board which is made to set the accounting…

Q: What has been the major roles played by professional accounting bodies in the development of…

A: Accounting bodies play a great role in the development of accounting in various countries.

Q: How would you account for the payments made to Xero?

A: The cloud-based accounting software will be recorded as an intangible asset in the Balance Sheet if…

Q: Accounting professionals apply many technology tools to aid them in their everyday tasks and…

A: Return on Asset:- Return on asset is always shows as a percentage that indicates how much a…

Q: Answer the following questions to ponder: 1. When does an accounting information system becomes…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: The title of this textbook is Accounting: The basis for Business Decisions. a. How does the title…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Accounting professionals apply many technology tools to aid them in their everyday tasks and…

A: Return on total assets: It refers to a financial ratio that measures or evaluates the company’s…

Q: A primary objective of international financial accounting standards is to equip a company with…

A: Accounting standards refers to the set of rules, principles or the standards which are used for…

Q: Bank and investors are primary users of the management accounting Select one: O True Falsel

A: Primary  users of management  accounting  are internal users called as  Managers,   employees

Q: Please provide an example of a digital platform and discuss its prospects for taking business from…

A: Digital platform is the platform in which there is facility that a person cab do shopping, banking,…

Q: global accounting standards are compelling. High quality standards by companies throughout the world…

A: 1. Different Types of Accounting Standards   There are different standards that are applicable in…

Q: Wayne Rogers, an administrator at a major university, recently said, “I’ve got some CDs in my IRA,…

A:

Q: Accounting involves recording, analyzing and summarising the transactions of an entity to provide…

A: Accounting is the process of recording a business's financial transactions. The accounting process…