The U.S. GAAP Financial Reporting ___________ is an electronic dictionary of business reporting elements used to report business data.
A) Directory
B) Taxonomy
C) Tax laws
D) Tax audit

Question

Quizplus · Accepted Answer

The U.S. GAAP Financial Reporting Taxonomy is an electronic dictionary of business reporting elements used to report business data. It is used for tagging financial statements and other financial data that are filed with the SEC in XBRL format, which makes financial reporting more efficient and accurate. The other options, directory, tax laws, and tax audit, are not accurate descriptions of the U.S. GAAP Financial Reporting Taxonomy.

The US GAAP Financial Reporting ___________ Is an Electronic Dictionary of of Business