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Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127

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BuyFindarrow_forward

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127
Textbook Problem

Find two sets of financial statements from companies within one industry. List any problems you have in comparing the balance sheets. Describe how using XBRL could help alleviate these problems.

Summary Introduction

To explain: The problems encountered in comparing balance sheets.

Introduction:

General ledger/business reporting process (GL/BR):

General ledger can be defined as the central data repository needed to develop the business reports. The business reports and other forms of information generation are all derived from the general ledger data repository. The GL/BR process is considered as a central activity of the accounting information systems.

Explanation

The problems encountered in comparing balance sheets:

  • The category descriptions are different. For instance, one company has reported accounts receivable. Another company has reported net receivables.
  • One company has reported the other receivables independently. Another company has combined the accounts receivable and the others receivable due to the lack of materiality to distinguish among themselves.
  • The difference in the way of inventory reporting...

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