Deck 9: Reporting Processes and Extensible Business Reporting Language XBRL

Question 1

Bank loan officers and the IRS will likely have different XBRL style sheets for the various XBRL filings.

Answer 1

True

Question 2

Data warehouses are often designed to facilitate decision making such as those often used in managerial accounting and facilitate management by exception,such as variance reports,trend reports,variance analysis reports,and reports that show actual performance are compared to budgeted information.

Answer 2

True

Question 3

XBRL serves as a means to electronically communicate business information to facilitate business reporting of financial and nonfinancial data to users.XBRL greatly enhances the speed and accuracy of business reporting.

Answer 3

True

Question 4

Data warehouses work together with operational systems to provide necessary insight,particularly in the case of customer relationship management (CRM)and supply chain management (SCM)systems.

Question 5

A collection of information gathered from an assortment of external and operational (i.e.,internal)databases to facilitate reporting for decision making and business analysis is called

A) Business intelligence
B) Data Warehouse
C) Digital Dashboard
D) XBRL

Question 6

XBRL allows highly disaggregated data so not only is it possible to know the level of sales,but it is possible to know sales revenue in much more detail.

Question 7

XBRL instance documents describe each key data element (e.g.,total assets,accounts,payable,net income,etc.).

Question 8

XBRL (eXtensible Business Reporting Language)is an open,global standard for exchanging financial reporting information.

Question 9

XBRL Instance Documents define and describe each key data element (e.g.,total assets,accounts,payable,net income,etc.).

Question 10

If data mining may finds a statistical correlation or relationship between two data items,then there exists a plausible relationship between those two data items in the real world.

Question 11

Data warehouses gather information from external databases,but not from internal databases.

Question 12

XBRL produces standardized reports and is not customizable.

Question 13

Data Mining is a process of using sophisticated statistical techniques to extract and analyze data from large databases to discern patterns and trends that were not previously known.

Question 14

Since both are regulators,the SEC and the IRS will likely have similar XBRL style sheets for the various XBRL filings.

Question 15

A data warehouse may include a:

A) XBRL style sheet
B) General Economic Information
C) Digital Dashboard
D) iPad Mini

Question 16

XBRL GL (also known as XBRL Global Ledger Taxonomy)serves as a means to facilitate efficient communication within a firm.

Question 17

XBRL style sheets take the instance documents and add presentation elements to make XBRL filings readable by humans.

Question 18

XBRL is based on the XML language.

Question 19

Ford may use business intelligence to:

A) Track the cost of parts on its vehicles
B) Monitor the price of their pilots and flight attendants
C) Indicators of quality issues to pinpoint machinery failures in its assembly plants
D) As inputs for its tax reporting system

Question 20

Data mining is considered a technique of

A) Data Warehousing
B) Project Management
C) Data Martian
D) Business Intelligence

Question 21

The process of using sophisticated statistical techniques to extract and analyze data from large databases to discern patterns and trends that were not previously known is called:

A) Data Mart
B) Data Mining
C) Data Warehouse
D) Business Intelligence

Question 22

Why would general economic information (GDP,interest rates,etc.)be included in a data warehouse? Would they be more helpful for some companies than for others?

Question 23

Name five items that you think would be included in a digital dashboard for your university.Why are these critical business processes for them?

Question 24

How would Apple Computer use a data mart in its marketing area? How does that help designers of the data warehouse know what to include?

Question 25

The tool that defines and describes each key data element (e.g.,total assets,accounts,payable,net income,etc.)in XBRL is called _________

A) XBRL specification.
B) XBRL taxonomy.
C) XBRL style sheet.
D) XBRL instance document.

Question 26

In February 2009,the _____________ passed the rule requiring all large domestic firms to begin formatting their financial statements using XBRL.

A) Financial Accounting Standards Board
B) International Accounting Standards Board
C) American Institute of Certified Public Accountants
D) Securities and Exchange Commission

Question 27

A document containing XBRL elements is called a:

A) XBRL Instance Document
B) XBRL Style Sheet
C) XBRL Report
D) XBRL Taxonomy

Question 28

Why would competitor information be included in a data warehouse? How would it be used?

Question 29

XBRL stands for

A) eXtensible Business Reporting Language.
B) eXtensible Behavioral Reporting Language.
C) eXtensible Book Reporting Language.
D) eXtensible Basic Reporting Language.

Question 30

XBRL assurance is generally expected to include:

A) The most current, standardized XBRL taxonomy is used.
B) The underlying financial and nonfinancial data that is used in XBRL tagging is reliable.
C) The XBRL tagging is accurate and complete.
D) The reports include all relevant financial and nonfinancial information.

Question 31

The first person to propose using XML be used as a means to electronically deliver financial information was:

A) Albert Gore
B) Charles Hoffman
C) Manuel Sanchez
D) Kevin Kobelsky

Question 32

The steps in business intelligence include:

A) Gather Information, Analyze Data for Patterns, Make Decision
B) Analyze Data for Patterns, Gather Information, Make Decision
C) Create Data Warehouse, Query Data Warehouse, Make Decision
D) Create Data Warehouse, Analyze Data for Patterns, Make Decision

Question 33

Name three internal and three external databases that you think should be included in a data warehouse for Apple or Google.Support your answer.

Question 34

Digital Dashboard tracks in a user-friendly way:

A) Airplane speed
B) Critical business failures
C) Critical business processes
D) Critical business projects

Question 35

The stated advantages of XBRL GL include:

A) Flexibility
B) Wide acceptance by the market
C) Scalability
D) Network Effects

Question 36

Name three internal and three external databases that you think should be included in a data warehouse for Ford,Chrysler or General Motors.Support your answer.

Question 37

Name five items that you think would be included in a digital dashboard for an organization that you are familiar with (church,sorority,local not-for-profit,etc.)Why are these critical business processes for them?

Question 38

XBRL GL,or XBRL Global Ledger Taxonomy,is different from XBRL US GAAP because it facilitates:

A) Efficient communication between the firm and financial analysts.
B) Efficient communication within a firm.
C) Efficient communication between the firm and its suppliers.
D) Efficient communication between the firm and its customers.

Question 39

A computer-based information system that facilitates business decision-making activities is called a:

A) Data Warehouse
B) Digital Dashboard
C) Decision Support System
D) Data Mart

Question 40

XBRL does all of the following except:

A) Enhances speed and accuracy of business reporting.
B) Provides major benefits in the preparation, analysis and communication of business information.
C) Serves as a universal standard for financial reporting information in the individual investor community.
D) Facilitates business reporting of financial and nonfinancial data.

Question 41

Why is XBRL needed in the financial community? In your opinion,why did the Securities and Exchange Commission mandate its usage? What does it provide that was not available before XBRL?

Question 42

Data warehouses often serve as the main repository of the firm's historical data,or in other words,its corporate memory,and will often serve as an archive of past firm performance.Besides past financial performance,what historical data would a firm like McDonald's be interested in archiving in its data warehouse?

Question 43

How would XBRL GL be used for internal uses such as management accounting?

Question 44

Why would the company want XBRL assurance if the IRS or SEC were going to be using its data?

Question 45

Name five items that you think would be included in a digital dashboard for EBay.Why are these critical business processes for them?

Question 46

How would the XBRL style sheets be different for financial analysts as compared to the Internal Revenue Service?

Question 47

How would XBRL GL facilitate the SEC-required XBRL submission of a company's regulatory filings?

Question 48

Why is assurance needed on XBRL data? Why will financial analysts need assurance that the XBRL data is correct? Support your answer.

Question 49

There is a different XBRL taxonomy for each country,including XBRL Australia,XBRL Canada,XBRL Germany,XBRL Japan,XBRL-Netherlands,XBRL-US,and XBRL-UK.What would happen if there were only one XBRL taxonomy for all countries?

Question 50

Data mining is often used to find patterns in stock prices to assist technical financial stock market analysts,or in commodities or currency trading.What are the benefits and concerns with using data mining to find patterns in stock prices? What would you need to feel comfortable enough to trade on these patterns?