Deck 9: XBRL: Intelligent Business Reporting

Question 1

XBRL is a programming language that is an extension of

A)HTML
B)SGML
C)XML
D)XTML

Answer 1

C

Question 2

XBRL tags are similar to

A)Composite keys
B)Spreadsheet rows
C)Primary keys
D)Database records

Answer 2

C

Question 3

The use of ________ for Web sites permits enterprises to enter data once in their databases and have the update ripple through to the Web site.

Answer 3

XML or eXtensible Markup Language

Question 4

What is metadata?

A)Data about financial reports
B)Data about business intelligence
C)Data about the database
D)Data about data

Question 5

You can think of the XBRL tags as foreign keys for data contained in financial reports.

Question 6

XML is a programming language used for Web site development that is static.

Question 7

Credit rating agencies must use XBRL for reporting all ratings beginning in August 2020.

Question 8

XBRL tags enable computers to process data intelligently by storing, updating, searching, analyzing, transmitting, and communicating with greater speed, standardization, and capabilities.

Question 9

XBRL provides the capability to have a ________ for each amount or fact appearing in a financial report.

A)unique identifier
B)qualitative factor
C)foreign key
D)reference identifier

Question 10

XBRL is a programming language that includes meta data.

Question 11

Which programming language is used for financial reporting around the globe?

A)XBRL
B)XML
C)HTML
D)SGML

Question 12

Metadata is simply data about data.

Question 13

XBRL is a programming language that is an extension of HyperText Markup Language (HTML).

Question 14

Which programming language does the SEC require all publicly traded companies to use?

A)SGML
B)XML
C)HTML
D)XBRL

Question 15

XBRL provides ________ that permits data to be shared across different applications and IT platforms.

Question 16

________ is a programming language used to develop Web pages.

Question 17

________ was developed to standardize and streamline financial and business reports.

Question 18

You can think of the XBRL tags as ________ keys for data contained in financial reports.

Question 19

One advantage of using XBRL for financial reporting is

A)Rekeying data into various systems
B)Improved data analytics for business intelligence
C)Increased data security
D)Reduced data clarity

Question 20

With XBRL, each financial reporting amount is electronically tagged with a description of the data.

Question 21

Match the following terms with the appropriate definition.

-XBRL

A)A programming language that converts unstructured data into structured data.
B)A programming language used to develop static web page content.
C)The process of adding data tags after a report is created.
D)A programming language used to develop dynamic web page content.
E)The process of adding data tags during data processing.

Question 22

Which country was the first capital market to adopt XBRL?

A)USA
B)Russia
C)China
D)Japan

Question 23

How is XBRL being used in Europe?

Question 24

In USA, the FDIC is using XBRL for

A)All bank reporting requirements
B)Nothing (the FDIC is not using XBRL)
C)Some bank reporting requirements
D)None of the above

Question 25

Match the following terms with the appropriate definition.

-Integrated Tagging

A)A programming language that converts unstructured data into structured data.
B)A programming language used to develop static web page content.
C)The process of adding data tags after a report is created.
D)A programming language used to develop dynamic web page content.
E)The process of adding data tags during data processing.

Question 26

How is XBRL being used in the Americas?

Question 27

XML is being mandated by more capital markets globally, companies are using XML to meet those requirements.

Question 28

How is XBRL being used in Asia?

Question 29

XBRL has the ability to tag

A)Metadata and databases
B)Numerical and non numerical data
C)Spreadsheets and Adobe PDF files
D)Microsoft Word documents

Question 30

Match the following terms with the appropriate definition.

-HTML

A)A programming language that converts unstructured data into structured data.
B)A programming language used to develop static web page content.
C)The process of adding data tags after a report is created.
D)A programming language used to develop dynamic web page content.
E)The process of adding data tags during data processing.

Question 31

Which of the following provides the most capability for sharing data between applications?

A)Spreadsheets
B)Text files
C)XBRL
D)HTML

Question 32

Italy implemented XBRL for

A)Tax reporting
B)Chamber of commerce filings
C)Banking regulations
D)SEC filings

Question 33

XBRL can only be used by banking regulators and financial analysts.

Question 34

The US SEC started mandating XBRL filings for selected companies in

A)2009
B)2011
C)2010
D)2012

Question 35

Within the first quarter of implement XBRL, the FDIC went from a 66 percent data accuracy to

A)80 percent accuracy
B)95 percent accuracy
C)73 percent accuracy
D)99 percent accuracy

Question 36

Match the following terms with the appropriate definition.

-XML.

A)A programming language that converts unstructured data into structured data.
B)A programming language used to develop static web page content.
C)The process of adding data tags after a report is created.
D)A programming language used to develop dynamic web page content.
E)The process of adding data tags during data processing.

Question 37

What is XBRL? How does it work?

Question 38

You are a staff account at a publicly traded manufacturing company. During a meeting your boss indicates upper management wants to know why hey should consider implementing XBRL. Prepare a report indicating who uses XBRL and the benefits.

Question 39

Match the following terms with the appropriate definition.

-Bolt-on Tagging

A)A programming language that converts unstructured data into structured data.
B)A programming language used to develop static web page content.
C)The process of adding data tags after a report is created.
D)A programming language used to develop dynamic web page content.
E)The process of adding data tags during data processing.

Question 40

Beginning in 2009, the SEC mandated the use of XBRL for SEC filings for

A)Selected large publicly held companies
B)All privately held companies
C)Selected large privately held companies
D)All publicly held companies

Question 41

The data stored in an XBRL database is stored with

A)Superior data integrity
B)Bar codes
C)Metadata
D)Business intelligence tools

Question 42

When are XBRL tags added to data?

A)When the data is imported into the data warehouse
B)After reports are created or during information processing
C)During information processing or when the data is entered into a relational database
D)None of the above

Question 43

Organizations using integrated enterprise systems with a centralized database can use XBRL integrated tagging if they use a(n)________.

Question 44

By tagging data as information is processed, the data can be analyzed and used to create business intelligence.

Question 45

________ tagging permits companies to make more extensive use of XBRL for internal decision making.

Question 46

Which of the following is the best benefit of using integrated XBRL tagging?

A)It is an additional cost to meet mandated requirements.
B)Permits companies to make more extensive use of XBRL for internal decision making
C)Enables the user of spreadsheets to track data
D)Enables the data to be retrieved from the database before adding the XBRL tags

Question 47

What is the difference between bolt-on tagging and integrated tagging?

Question 48

The data stored in a relational database is stored with its metadata, such as data about the time period, account, currency, and so on.

Question 49

A(n)________ database, can store both the data and the metadata.

Question 50

XBRL has been compared to product ________.

Question 51

XBRL bolt-on tagging permits companies to make more extensive use of XBRL for internal decision making.

Question 52

________ adds tags after reports are prepared, just as bar codes were added to bottles at the end of the manufacturing process.

Question 53

________ adds tags as information is processed, similar to adding bar codes during the manufacturing process.

Question 54

XBRL shows promise to streamline financial reports and data processing by using digital tagging that is the equivalent to the use of

A)Retina scanning for security
B)Relational database for data storage
C)Bar code scanning on inventory
D)Integrated tagging

Question 55

A(n)________ database can store data but not metadata.

Question 56

Which of the following is NOT a benefit of XBRL?

A)Reduced data quality
B)Reduced processing time
C)Greater data integrity
D)Increased standardization

Question 57

Organizations using integrated enterprise systems with a centralized database can use XBRL integrated tagging if they use a(n)________.

A)dimensional database
B)XBRL database
C)relational database
D)network database

Question 58

Instead of installing an enterprise system or writing ________ to connect various systems, Walcoal in Japan uses XBRL to make data interchangeable among its systems.

Question 59

XBRL converts unstructured data into

A)Business intelligence
B)Structured data
C)Metadata
D)Shadow data

Question 60

In XBRL integrated tagging, data for reports is retrieved from the database, reports are prepared, and electronic tags are added to create XBRL reports.

Question 61

In XBRL, the opening and closing tags are identical.

Question 62

The XBRL linkbase ________ link defines different kinds of relationships between elements. For example, ZIP code is the postal code used in the United States.

Question 63

________ elements explain the circumstance in which the data appears.

Question 64

Match the following elements to the appropriate definitions.

-Unit elements

A)Unit of measure
B)Numeric and nonnumeric facts
C)Time period
D)Defines the company or entity
E)Unique ID for the element
F)Explains the environment in which the data appears

Question 65

Tags are used to label or identify data and metadata.

Question 66

Match the linkbase to the appropriate definition.

-Reference link

A)Defines the basic validation rules
B)Defines the labels used in the document
C)Defines how the elements are presented
D)Defines different kinds of relationships between elements
E)Defines the relationships between the elements and the external regulations or standards

Question 67

Match the following elements to the appropriate definitions.

-Entity elements

A)Unit of measure
B)Numeric and nonnumeric facts
C)Time period
D)Defines the company or entity
E)Unique ID for the element
F)Explains the environment in which the data appears

Question 68

Match the following elements to the appropriate definitions.

-Identifier elements

A)Unit of measure
B)Numeric and nonnumeric facts
C)Time period
D)Defines the company or entity
E)Unique ID for the element
F)Explains the environment in which the data appears

Question 69

Match the linkbase to the appropriate definition.

-Calculation link

A)Defines the basic validation rules
B)Defines the labels used in the document
C)Defines how the elements are presented
D)Defines different kinds of relationships between elements
E)Defines the relationships between the elements and the external regulations or standards

Question 70

A taxonomy is a dictionary that defines the XBRL tags used for specific data items.

Question 71

An instance document contains specific amounts for a taxonomy at one instance.

Question 72

A ________ is a dictionary that defines the XBRL tags used for specific data items.

Question 73

XBRL software tools using a specified taxonomy transforms data into XBRL instance documents.

Question 74

The ________ element defines the time frame.

Question 75

Match the following elements to the appropriate definitions.

-Context element

A)Unit of measure
B)Numeric and nonnumeric facts
C)Time period
D)Defines the company or entity
E)Unique ID for the element
F)Explains the environment in which the data appears

Question 76

A definition link base defines the relationship between elements and the external regulations or standards.

Question 77

The ________ contains specific amounts for a taxonomy at one instance.

Question 78

________ elements are numeric or nonnumeric facts.

Question 79

The ________ element defines the company.

Question 80

Match the following elements to the appropriate definitions.

-Data element

A)Unit of measure
B)Numeric and nonnumeric facts
C)Time period
D)Defines the company or entity
E)Unique ID for the element
F)Explains the environment in which the data appears