Question 1

The Securities and Exchange Commission mandates all publicly traded companies file financial statements prepared in accordance with U.S.GAAP.

Accepted Answer

A) True 
 B)False  True

Question 2

Sometimes outside data vendors create standardized metrics to make the company reported XBRL data more comparable.

Accepted Answer

A) True 
 B)False  True

Question 3

Many financial reporting systems within enterprise systems have general ledgers that are consistent with XBRL called XBRL-GL.

Accepted Answer

A) True 
 B)False  True

Question 4

The Securities and Exchange Commission requires all public company filers to use XBRL tagging in all of the following financial statements except:

Accepted Answer

A)  Balance Sheet 
B)  Statement of Comprehensive Income 
C)  Statement of Cash Flows 
D)  Statement of Changes in Working Capital 
A)  Balance Sheet 
B)  Statement of Comprehensive Income 
C)  Statement of Cash Flows 
D)  Statement of Changes in Working Capital

Question 5

The use of tags allows data to be slowly transmitted and received and it serves as an input into financial analysts valuing a company.It also contributes to an auditor finding areas where an error might occur,or regulators verifying if firms are in compliance with various regulations and laws (like SEC or IRS).

Accepted Answer

A) True 
 B)False

Question 6

XBRL is a global standard for internet communication mostly among day traders.

Accepted Answer

A) True 
 B)False

Question 7

The quick ratio is an example of which type of ratio?

Accepted Answer

A)  solvency ratio 
B)  profitability ratio 
C)  liquidity ratio 
D)  activity ratio 
A)  solvency ratio 
B)  profitability ratio 
C)  liquidity ratio 
D)  activity ratio

Question 8

Using the table below compute ROE for 2011 year-end for DuPont (Ticker = DD).

Accepted Answer

A)  149.2% 
B)  70.8% 
C)  84.9% 
D)  142.9% 
A)  149.2% 
B)  70.8% 
C)  84.9% 
D)  142.9%

Question 9

Using the table below compute operating leverage for Q3,2011 for DuPont (Ticker = DD).

Accepted Answer

A)  13.3% 
B)  17.4% 
C)  25.2% 
D)  52.8% 
A)  13.3% 
B)  17.4% 
C)  25.2% 
D)  52.8%

Question 10

Profitability ratios measure ________.

Accepted Answer

A)  a firm's ability to pay short-term obligations using current assets 
B)  a firm's operating efficiency 
C)  a firm's ability to pay their debts and stay in business 
D)  a firm's ability to generate earnings relative expenses 
A)  a firm's ability to pay short-term obligations using current assets 
B)  a firm's operating efficiency 
C)  a firm's ability to pay their debts and stay in business 
D)  a firm's ability to generate earnings relative expenses

Question 11

Artificial intelligence,machine learning,and sentiment analysis are three methods used to analyze publicly traded companies on Nasdaq and the NYSE to gain insight and track companies' business and financial operations.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following statements is false?

Accepted Answer

A)  Firms can make their own tags if they feel their financial data item does not fit within the existing framework. 
B)  Sometimes very similar financial data items have unique tags, making direct comparisons between companies difficult. 
C)  Detailed tagging of the numbers included in the footnotes is required. 
D)  XBRL uses a taxonomy to help define and describe each key data element, but it is not capable of defining relationships between each element. 
A)  Firms can make their own tags if they feel their financial data item does not fit within the existing framework. 
B)  Sometimes very similar financial data items have unique tags, making direct comparisons between companies difficult. 
C)  Detailed tagging of the numbers included in the footnotes is required. 
D)  XBRL uses a taxonomy to help define and describe each key data element, but it is not capable of defining relationships between each element.

Question 13

Accounts receivable turnover ratio is an example of which type of ratio?

Accepted Answer

A)  solvency ratio 
B)  profitability ratio 
C)  liquidity ratio 
D)  activity ratio 
A)  solvency ratio 
B)  profitability ratio 
C)  liquidity ratio 
D)  activity ratio

Question 14

XBRL is used for ________ and ________ financial elements.

Accepted Answer

A)  organizing; defining 
B)  organizing; determining 
C)  obscuring; defining 
D)  obscuring; determining 
A)  organizing; defining 
B)  organizing; determining 
C)  obscuring; defining 
D)  obscuring; determining

Question 15

The two types of standardized financial accounting are IFRS and U.S.GAAP.

Accepted Answer

A) True 
 B)False

Question 16

Using the table below compute ROE for Q3,2011 for DuPont (Ticker = DD).

Accepted Answer

A)  12.4% 
B)  16.3% 
C)  21.3% 
D)  26.6% 
A)  12.4% 
B)  16.3% 
C)  21.3% 
D)  26.6%

Question 17

Data analytics can help predict a company's revenue,earnings,and cash flow.

Accepted Answer

A) True 
 B)False

Question 18

The XBRL taxonomy helps define and describe each key data element (such as cash or employee spending).

Accepted Answer

A) True 
 B)False

Question 19

A major component of financial statement analysis is the use of ratio analysis.

Accepted Answer

A) True 
 B)False

Question 20

There are basically four types of ratios: Liquidity,activity,solvency (or financing)and profitability ratios.

Accepted Answer

A) True 
 B)False

The Securities and Exchange Commission mandates all publicly traded companies file financial statements prepared in accordance with U.S.GAAP.

Sometimes outside data vendors create standardized metrics to make the company reported XBRL data more comparable.

Many financial reporting systems within enterprise systems have general ledgers that are consistent with XBRL called XBRL-GL.

The Securities and Exchange Commission requires all public company filers to use XBRL tagging in all of the following financial statements except:

XBRL is a global standard for internet communication mostly among day traders.

The quick ratio is an example of which type of ratio?

Using the table below compute ROE for 2011 year-end for DuPont (Ticker = DD).

Using the table below compute operating leverage for Q3,2011 for DuPont (Ticker = DD).

Profitability ratios measure ________.

Artificial intelligence,machine learning,and sentiment analysis are three methods used to analyze publicly traded companies on Nasdaq and the NYSE to gain insight and track companies' business and financial operations.

Which of the following statements is false?

Accounts receivable turnover ratio is an example of which type of ratio?

XBRL is used for and financial elements.

The two types of standardized financial accounting are IFRS and U.S.GAAP.

Using the table below compute ROE for Q3,2011 for DuPont (Ticker = DD).

Data analytics can help predict a company's revenue,earnings,and cash flow.

The XBRL taxonomy helps define and describe each key data element (such as cash or employee spending).

A major component of financial statement analysis is the use of ratio analysis.

There are basically four types of ratios: Liquidity,activity,solvency (or financing)and profitability ratios.

Data Analytics in Accounting and Business

Data Preparation and Cleaning

Modeling and Evaluation: Going From Defining Business Problems and Data Understanding to Analyzing Data and Answering Questions

Visualizations: Using Visualizations and Summaries to Share Results

The Modern Audit and Continuous Auditing

Audit Data Analytics

Generating Key Performance Indicators

Filters

Exam 8: Using Financial Statement Data

The Securities and Exchange Commission mandates all publicly traded companies file financial statements prepared in accordance with U.S.GAAP.

Sometimes outside data vendors create standardized metrics to make the company reported XBRL data more comparable.

Many financial reporting systems within enterprise systems have general ledgers that are consistent with XBRL called XBRL-GL.

The Securities and Exchange Commission requires all public company filers to use XBRL tagging in all of the following financial statements except:

XBRL is a global standard for internet communication mostly among day traders.

The quick ratio is an example of which type of ratio?

Using the table below compute ROE for 2011 year-end for DuPont (Ticker = DD).

Using the table below compute operating leverage for Q3,2011 for DuPont (Ticker = DD).

Profitability ratios measure ________.

Artificial intelligence,machine learning,and sentiment analysis are three methods used to analyze publicly traded companies on Nasdaq and the NYSE to gain insight and track companies' business and financial operations.

Which of the following statements is false?

Accounts receivable turnover ratio is an example of which type of ratio?

XBRL is used for ________ and ________ financial elements.

The two types of standardized financial accounting are IFRS and U.S.GAAP.

Using the table below compute ROE for Q3,2011 for DuPont (Ticker = DD).

Data analytics can help predict a company's revenue,earnings,and cash flow.

The XBRL taxonomy helps define and describe each key data element (such as cash or employee spending).

A major component of financial statement analysis is the use of ratio analysis.

There are basically four types of ratios: Liquidity,activity,solvency (or financing)and profitability ratios.

Data Analytics in Accounting and Business

Data Preparation and Cleaning

Modeling and Evaluation: Going From Defining Business Problems and Data Understanding to Analyzing Data and Answering Questions

Visualizations: Using Visualizations and Summaries to Share Results

The Modern Audit and Continuous Auditing

Audit Data Analytics

Generating Key Performance Indicators

Filters

XBRL is used for and financial elements.