The U.S.GAAP Financial Reporting Taxonomy is an electronic dictionary of business reporting elements used to report ________.
A)The value of assets
B)Business data
C)Sales
D)Taxes

Question

Quizplus · Accepted Answer

The U.S.GAAP Financial Reporting Taxonomy is used to report business data. It includes a standardized set of codes and definitions for financial reporting, such as revenues, expenses, and other financial statement items. It does not specifically address the reporting of asset values, sales, or taxes, although these items may be included in the financial statements.

The USGAAP Financial Reporting Taxonomy Is an Electronic Dictionary of Business