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Accounting Systems and Financial Reporting

1. What is XBRL? How will it effect financial reporting? Please Explain.

2. What are the main types of accounting software used in a restaurant setting or organization? What are the benefits and limitations of this software? Please Explain.

3. What are some of the hardware components of the PC at work? How are they different from the components of your PC at home? Please explain.

4. What are some of the challenges facing the accounting profession when doing business over the Internet? Please explain.

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1. XBRL, eXtensible Business Reporting Language, is an XML-based markup language that communicates financial and business data electronically. XBRL software is very user friendly and requires no prior knowledge of XML and no IT background to create. A financial organization can use XBRL to encode its financial information such as: financial statements, earnings releases, etc. XBRL that allows users of financial statements by adding functionality over other methods.

The XBRL encoded financial statement can be read automatically by XBRL-enabled software and easily sorted and compared. A computer doesn't understand the XBRL documents unless the data is fully defined (The information was obtained at http://xbrl.us/preparersguide/pages/section1.aspx "What is XBRL?").

2. (a) TRRAP.com software is the first site that restaurants visit. The software has a basic profit/loss software, a restaurant startup software package, catering package, point of sale (POS) package and a complete package with all of the software packages. The profit/loss software is based on Microsoft Excel. The software is less expensive and easy to use. A limitation is that anyone can edit the Microsoft Excel ...

Solution Summary

The solution discusses accounting systems and financial reporting.