Deck 5: XBRL Reporting

Question 1

By attaching meaning to strings of text,XBRL adopts a __________.

A)semantic approach.
B)non semantic approach
C)referencing to data approach
D)none of the options are correct

Answer 1

A

Question 2

Which of the following countries do not have XBRL financial requirements yet?

A)Australia
B)China
C)Japan
D)Malaysia

Answer 2

D

Question 3

The problem with publishing an annual report as an Adobe PDF is:

A)that not all computers are able to read Adobe PDF documents
B)that the information is not secure and the figures can be altered
C)that it is difficult for users to manipulate the information with any degree of efficiency
D)none of the options are correct

Answer 3

C

Question 4

Using XBRL for internal purposes means that:

A)an organisation can set up the coding structure of the items they want to tag to match industry wide standards
B)an organisation can set up the coding structure of the items they want to tag to match what is particularly suitable for that company
C)an organisation must set up the coding structure of the items they want to tag to match a global standard
D)None of the options are correct

Question 5

Regulatory authorities in ___________________ have various XBRL financial requirements?

A)Europe,Canada,Singapore,Japan,Korea and Malaysia
B)Europe,Australia,Singapore,Japan,Korea and Canada
C)Europe,Australia,Singapore,Japan,Korea and China
D)none of the options are correct

Question 6

Large banks around the world:

A)are beginning to require companies to use XBRL in their loan application processes
B)are yet to require companies to use XBRL in their loan application processes
C)are not convinced on the benefits of XBRL
D)none of the options are correct

Question 7

The advantages of XBRL are:

A)reduced data manipulation
B)paperless reporting
C)reduced accounting time
D)all of the options are correct

Question 8

The Securities Exchange Commission in the US specified that all public companies that prepare financial statements in accordance with at least US GAAP and all foreign private issuers that prepare their financial statements using IFRS must provide their financial statements to the SEC and their corporate websites in:

A)PDF format
B)XBRL format
C)HTML format
D)Hardcopy

Question 9

It is advocated that every accountant and financial professional should be familiar with XBRL.However,which of the following is actually NOT required in this regard?

A)Knowing how to navigate the XBRL taxonomies.
B)Knowing how to use the XBRL taxonomies.
C)Knowing how to create XBRL instance documents.
D)Knowing how to obtain a high level of XBRL assurance.

Question 10

XBRL can be used for:

A)external financial reporting only
B)internal financial reporting only
C)both external and internal financial reporting
D)exchanging financial information between business partners only

Question 11

Corporate regulators worldwide are:

A)currently assessing whether to accept XBRL
B)waiting to see if the SEC in the United States will allow XBRL
C)gradually moving towards mandating XBRL for corporate filings and reporting
D)none of the options are correct

Question 12

The XBRL adopts a __________ approach.

A)unstructured
B)semantic
C)top-down
D)bottom-up

Question 13

Currently,financial information is:

A)rarely presented on a web page using html standards
B)often presented on a web page using html standards
C)often presented on a web page using XBRL standards
D)none of the options are correct

Question 14

Which of the following is NOT a major benefit offered by XBRL?

A)Cost saving in supplying financial data.
B)Greater efficiency in using financial data.
C)Improved accuracy and reliability in supplying financial data.
D)Enhanced encryption in supplying financial data.

Question 15

XBRL is based on:

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

Question 16

What does XBRL stand for?

A)Exchangeable Business Reporting Language
B)Extensible Business Reporting Language
C)Executable Business Reporting Language
D)Extensive Business Reporting Language

Question 17

The advantages of PDF files are:

A)that they can be securely locked so that the figures cannot be changed
B)that they can be easily manipulated and changed by users
C)the software to produce them is very cheap
D)none of the options are correct

Question 18

Which of the following is more likely to be a tag in XML instead of HTML?

A)
B)
C)
D)

Question 19

XBRL allows meanings to be embedded within strings of financial data.This meaning is conveyed by:

A)Embedding tags that identify where separate pieces of data start and end within strings of data.
B)Embedding comments at the end of the strings of data.
C)Specifying the meaning of data at the schema document.
D)Having a set of internationally agreed meanings assigned to specific types of data.

Question 20

The statement that "All current software can import,export and process data in XBRL format" is put forward on the basis that:

A)These pieces of software can manipulate XML.
B)These pieces of software are designed specifically to support XBRL.
C)These pieces of software are semantic-based.
D)These pieces of software are GAAP and IFRS compliant.

Question 21

DTD is:

A)a dependency specification for XBRL
B)a set of specifications for XML tags
C)a set of specifications for HTML tags
D)None of the options are correct

Question 22

Metadata is:

A)complex data that is required for XBRL
B)data that describes other data
C)complex data that is required for HTML processes to take place
D)none of the options are correct

Question 23

Which of the following is correct?

A)There are different ways to apply XBRL tags.
B)There is a debate in the accounting information systems community as to where to tag data.
C)There are two main ways to apply XBRL tags.
D)Whichever way we choose to apply XBRL tags will not affect core processes and data quality.

Question 24

XBRL _________ incorporated into the vast majority of ERP systems,accounting packages and office software.

A)has yet to be
B)has been
C)is currently being
D)will not be

Question 25

The first country to formally require XBRL for public company financial reporting was:

A)Canada
B)the United States
C)China
D)Brazil

Question 26

The coding structures for XBRL are:

A)country specific
B)region specific
C)the same for every country
D)developed by the SBR

Question 27

Which of the following statements is correct?

A)Australia has mandated XBRL reporting from 2011
B)The use of XBRL is compulsory for all publicly listed US companies
C)The use of XBRL is compulsory for all publicly listed US and Canadian companies
D)All of the options are correct

Question 28

Which types of organisations can use XBRL to save costs and improve efficiency in handling business and financial information?

A)Government agencies.
B)Non-profit organisations.
C)Publicly listed companies.
D)All types of organisations.

Question 29

When XBRL tagging is applied to a file containing data,the XBRL tagged document is called:

A)a defined linkbase
B)a reference linkbase
C)an instance document
D)all of the options are correct

Question 30

IFRS stands for:

A)International financial reporting structure.
B)International financial reporting standards.
C)International financial reporting schemes.
D)International financial reporting system.

Question 31

Which of the following is not identified as a source of XBRL-related cost savings?

A)Increased data processing capability
B)Decreased data redundancy
C)Increased technology capabilities
D)Decreased costs of bookkeeping

Question 32

To improve audit quality in terms of XBRL,one can: (i)audit the coding of XBRL (ii)audit the tagging of XBRL (iii)audit the changes in XBRL tags (iv)audit the classifications in the XBRL taxonomy.

A)(i)(ii)(iii)(iv)
B)(i)(ii)(iii)
C)(iii)(iv)
D)(i)(ii)

Question 33

In which country is the XBRL mandated for filing reports of business financial accounts?

A)Australia
B)New Zealand
C)Both Australia and New Zealand
D)Neither Australia nor New Zealand

Question 34

If you want to search for data held by a stock exchange that uses XBRL,you can:

A)download the XBRL reports directly into Microsoft Excel or Microsoft Word
B)download the XBRL reports directly into Microsoft Access or Microsoft Word
C)download the XBRL reports directly into Microsoft Excel or Microsoft Access
D)none of the options are correct

Question 35

Which of the following statements is correct?

A)XML is a content language
B)HTML is a content language and XML is a tagging language
C)XML has predefined tags that control how content appears when displayed on a computer screen
D)None of the options are correct

Question 36

Which of the following is more likely to have similar XML?

A)The music industry and the fishing industry.
B)The government and the finance industry.
C)A university and a college.
D)A construction company and a real estate agency.

Question 37

In terms of XBRL,improved audit quality can occur as long as:

A)the taxonomy has correctly classified items of data at source.
B)the XBRL document represents a true and fair view of the firm.
C)any changes that are made to the tags are disallowed.
D)the stock exchanges have XBRL filing as part of their filing requirements.

Question 38

Which of the following is the coding structure that would be used for Australia and New Zealand?

A)XBRL
B)IFRS
C)GAAP
D)XML

Question 39

Before XBRL,external users of financial information:

A)manipulated PDF documents to obtain the information they wanted
B)used XML decoding tools to obtain the information they wanted
C)had to identify and re-input data before undertaking financial analysis
D)all of the options are correct

Question 40

______________ are the dictionaries that define each accounting item that can be tagged in XBRL.

A)Taxonomies
B)Schemas
C)Elements
D)Data dictionaries

Question 41

Discuss the benefits that XBRL can provide to internal users.

Question 42

Describe the five linkbases associated with XBRL.

Question 43

Describe the relationship between taxonomy,schema,element,tag,and linkbase in terms of XBRL.

Question 44

What does extensibility mean in XBRL? Discuss.

Question 45

The main issue of XBRL tags in an accounting system is to ensure the tags that are set up against the chart of accounts codes in the __________ are correct and have been verified.

A)accounts payable ledger
B)general ledger
C)accounts receivable ledger
D)inventory ledger

Question 46

Tagging is the process of associating an item in accounts to the XBRL __________ in an XBRL __________.

A)element;taxonomy
B)tag;schema
C)element;schema
D)tag;taxonomy

Question 47

Discuss the benefits that XBRL can provide to external stakeholders.

Question 48

Which of the following is NOT a type of linkbase?

A)Calculation linkbase
B)Extension linkbase
C)Presentation linkbase
D)Reference linkbase

Question 49

Explain how accounts can be tagged using XBRL.

Question 50

When the XBRL tagging is applied to a document,the resulted XBRL tagged document is called:

A)taxonomy document
B)taxonomy dictionary
C)instance dictionary
D)instance document

Question 51

In relation to XBRL,a taxonomy is an XML __________ and the set of __________ that references it.

A)standard;linkbases
B)schema;linkbases
C)standard;tags
D)schema;tags

Question 52

A taxonomy contains a __________ that contains the __________ in the financial accounts.

A)schema;elements
B)dictionary;elements
C)schema;tags
D)dictionary;tags

Question 53

List and describe at least four benefits provided by XBRL.

Question 54

Discuss the use of XBRL in Australia.

Question 55

What is the relationship between XBRL and XML?

Question 56

Continuous auditing looks at:

A)the output rather than the process
B)the process rather than the output
C)the process and the output
D)the outputs from XBRL tagged accounts

Question 57

There are ________ main ways to code financial accounts.

A)two
B)three
C)four
D)none of the options are correct

Question 58

Pinsker and Shaomin interviewed four businesses adopting XBRL in the United States,Germany,South Africa and Canada to look at what they perceived would be the result from implementing XBRL.They found:

A)the expected result was a reduction in costs,but the US company was more interested in strategic advantage
B)the expected result was a reduction in costs,but the German company was more interested in strategic advantage
C)the expected result was an increase in costs by the US company,whilst the Canadian company was more interested in creating a perception of being innovative
D)the expected result was a reduction in costs by the US company,whilst the Canadian company was more interested in creating a perception of being innovative

Question 59

Explain the concept of continuous auditing.

Question 60

The statement,"a collection of XML linking language that extends links that document the semantics of concepts in taxonomy," is used to define:

A)XBRL elements
B)XBRL tags
C)XBRL linkbases
D)XBRL instance documents