9Which of the following statements are true? XBRL is an XML-based language consi

Question

9Which of the following statements are true? XBRL is an XML-based language consisting of a set of tags that are used to unify the presentation of business reporting information into a single format that can be easily read by almost any software package and can be easily searched by Web browsers. A key control in the AP/CD process is to segregate the treasurer and controller. As data from the existing system are mapped into the new system, exception-reporting situations must be devised to ensure that the data are converted accurately. When the vendor payment is made, the general ledger is updated for the cash disbursement. The purchasing process is part of the order-to-cash process for a merchandising firm. The cash disbursements process uses disbursement vouchers as inputs to update the accounts payable master data.

Explanation / Answer

Answers:

1.XBRL is an XML-based language consisting of a set of tags that are used to unify the presentation of business reporting information into a single format that can be easily read by almost any software package and can be easily searched by Web browsers

TRUE

2.When the vendor payment is made, the general ledger is updated for the cash disbursement

TRUE

3.. The cash disbursements process uses disbursement vouchers as inputs to update the accounts payable master data.

TRUE

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