From an accountant's perspective, one of the benefits of XBRL is the ability to focus effort on analysis and value-added work.Value-added work includes such items as
A)Posting entries from the journal to the ledger.
B)Interpreting financial statement ratios.
C)Both posting entries from the journal to the ledger and interpreting financial statement ratios.
D)Neither posting entries from the journal to the ledger nor interpreting financial statement ratios.

Question

Quizplus · Accepted Answer

Posting entries from the journal to the ledger is a basic accounting task that does not involve analysis or adding value. Interpreting financial statement ratios, on the other hand, involves analyzing financial data to gain insights into a company's performance and prospects, which is considered value-added work. XBRL can facilitate this type of analysis by standardizing financial data across companies and industries, allowing for easier comparison and benchmarking.

From an Accountant's Perspective, One of the Benefits of XBRL