Question 1

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?

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Question 2

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?

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Question 3

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

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Question 4

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

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Question 5

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

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Question 6

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

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Question 7

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

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Question 8

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

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Question 9

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?

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Question 10

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?

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Quiz 9: Reporting Processes and Extensible Business Reporting Language XBRL