Question 1

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

Accepted Answer

Bank loan officers and the IRS will have different XBRL style sheets because they have different requirements and data needs.

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.

Accepted Answer

Data warehouses are indeed designed to facilitate decision making and management by exception, as described in the statement.

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.

Accepted Answer

XBRL is designed to improve the efficiency and accuracy of business reporting by standardizing the way financial and nonfinancial data is represented and communicated electronically. This makes it easier for users to access and analyze relevant information in a timely manner.

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.

Accepted Answer

Data warehouses serve as a complementary technology to operational systems, providing a centralized repository of integrated data that can be used for reporting, analysis, and decision-making. In the case of CRM and SCM systems, data warehouses can help organizations gain a better understanding of customer behavior, preferences, and trends, as well as optimize supply chain processes and improve operational efficiency.

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

Accepted Answer

The term "data warehouse" refers to a system or process for collecting and storing data from various sources in one centralized location. This allows for easier access and analysis of the data for business intelligence purposes. While digital dashboards and XBRL can be used in conjunction with a data warehouse, they are not interchangeable terms for this specific concept.

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.

Accepted Answer

XBRL allows for highly disaggregated data, which means that not only can one know the level of sales, but it is also 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.).

Accepted Answer

The answer of XBRL instance documents describe each key data...

Question 8

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

Accepted Answer

XBRL is indeed 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.).

Accepted Answer

XBRL Instance Documents contain the actual data for financial reporting, while the definitions and descriptions of data elements are provided by XBRL Taxonomies.

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.

Accepted Answer

Data mining can find statistical correlations or relationships between two data items, but it does not necessarily mean that there is a plausible relationship between those two data items in the real world. Correlation does not always imply causation, and there may be other variables or factors influencing the relationship between the two data items. Therefore, a plausible relationship cannot be determined solely based on data mining results.

Question 11

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

Accepted Answer

Data warehouses gather information from both external and internal databases to create a centralized repository of data for analysis and reporting.

Question 12

XBRL produces standardized reports and is not customizable.

Accepted Answer

XBRL allows for customization within the standard structure, such as creating custom taxonomies or extension elements. However, the standardized structure ensures consistency and comparability between reports.

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.

Accepted Answer

This is the correct definition of data mining.

Question 14

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

Accepted Answer

While both the SEC and the IRS use XBRL for regulatory filings, they may have different style sheets and requirements for specific filings.

Question 15

A data warehouse may include a:
A) XBRL style sheet
B) General Economic Information
C) Digital Dashboard
D) iPad Mini

Accepted Answer

A data warehouse is a large repository of data that is used to support business decision-making activities. It typically includes data from various sources, such as CRM systems, ERP systems, social media, and other external sources. General economic information, such as GDP, inflation, unemployment rates, and consumer spending are often included in a data warehouse as they can help provide context and insights into business trends and patterns. XBRL style sheets are used for financial reporting and are not typically included in a data warehouse. A digital dashboard is a data visualization tool used to monitor and analyze key performance indicators (KPIs), which may pull data from a data warehouse. An iPad Mini is a personal computing device and is not typically included in a data warehouse.

Question 16

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

Accepted Answer

XBRL GL is designed to standardize the accounting and financial data among different systems and institutions, facilitating communication and improving efficiency.

Question 17

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

Accepted Answer

XBRL style sheets, also known as Extensible Style Language (XSL) style sheets, are used to transform XBRL instance documents into readable formats for humans by adding presentation elements such as tables, graphs, and charts. Therefore, the statement "XBRL style sheets take the instance documents and add presentation elements to make XBRL filings readable by humans" is true.

Question 18

XBRL is based on the XML language.

Accepted Answer

XBRL stands for eXtensible Business Reporting Language which 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

Accepted Answer

Indicators of quality issues can be used to pinpoint machinery failures in assembly plants.

Question 20

Data mining is considered a technique of
A) Data Warehousing
B) Project Management
C) Data Martian
D) Business Intelligence

Accepted Answer

Data mining is a technique that falls under the umbrella of Business Intelligence, which focuses on extracting useful insights and knowledge from large data sets.

Quiz 9: Reporting Processes and Extensible Business Reporting Language XBRL