Question

this is for accounting information system class

Question 13) how would u reword this?

Electronic payments (E-payments) are payments that customers make to sellers electronically. They are similar to credit card payments except that they use third parties. One advantage of using such a system is that buyers need only provide their credit card numbers or otherwise establish accounts once with the e- payment firm, instead of repetitively with each vendor with whom they do business. Another major justification for using E-payments is security. Credit-card information is at risk when it is transmitted over data communications lines or stored in computer files of many vendors.

Question 24)

All of the following are benefits of XBRL except:

a. XBRL permits the automatic and reliable exchange of financial information across many software formats and technologies, including the Internet

b. The SEC accepts XBRL-format for electronic filing of financial statement reports

c. Companies can file financial information in one format, avoiding the errors that may come from reentering data multiple times

d. All of these are benefits of XBRL

e. None of these are benefits of XBRL

Answer 1

Query 13-How would you reword this?

Reply- Payment made through Electronic means (E-Payment) is better than payment made through credit cards. Following are the reasons for choosing E-payment over credit card payment:

1. Using credit card means involving third party into the transaction which is not the case in e-payment.
2. In case of e- payments, repetitive transactions with one vendor will not require divulging the account details every time a payment is made. It can be divulged once and used severally.
3. Security and safety is of utmost importance which is compromised while paying through credit card over data communications lines or credit card details may get stored in vendor computers.

Query 24-  All of the following are benefits of XBRL except:

Reply- (e) None of these are benefits of XBRL. Because all the points from a to c are benefits of XBRL.