Communications technology and the Internet can be used to reduce the time and costs involved in disseminating financial statement information.Users of such financial information still struggle in that many recipients have different information delivery requirements and may have to manually reenter the information into their own decision analysis tools.The ideal solution to solve these problems and efficiently transmit financial information via the Internet is to use
A)HTML.
B)XML.
C)ACH.
D)XBRL.

Question

Quizplus · Accepted Answer

The ideal solution for efficiently transmitting financial information via the internet is to use eXtensible Business Reporting Language (XBRL). It is specifically designed to facilitate the preparation, analysis, and communication of business information, including financial statements, and it can be automatically processed to allow for easy comparison across different companies and industries. HTML and XML are useful for formatting and structuring information, but they lack the specific functionality required for financial reporting. ACH (Automated Clearing House) is a system used for electronic funds transfers, but it is not related to transmitting financial information.

Communications Technology and the Internet Can Be Used to Reduce