Which of the following statements is correct regarding extensible business reporting language (XBRL)?
A) XBRL avoids errors by eliminating the need to reenter data.
B) XBRL is equivalent to hypertext markup language (HTML).
C) XBRL does NOT require the use of tags.
D) XBRL was developed by a single company.

Question

Quizplus · Accepted Answer

XBRL enhances accuracy and efficiency by eliminating the need for data re-entry, reducing mistakes that can occur when inputting data. Option B is incorrect because XBRL and HTML are two entirely different markup languages, and Option C is false since XBRL works on tagged data, which is the purpose of the language. Finally, XBRL is an open standard invented by a group of companies and regulators.

Which of the Following Statements Is Correct Regarding Extensible Business