Deck 9: XBRL: Intelligent Business Reporting

Question 1

You can think of the XBRL tags as foreign keys for data contained in financial reports.

Answer 1

False

Question 2

XBRL tags enable computers to process data intelligently by storing, updating, searching, analyzing, transmitting, and communicating with greater speed, standardization, and capabilities.

Answer 2

True

Question 3

The use of ________ for Web sites permits enterprises to enter data once in their databases and have the update ripple through to the Web site.

Answer 3

XML or eXtensible Markup Language

Question 4

Which programming language is used for financial reporting around the globe?

A)XBRL
B)XML
C)HTML
D)STML

Question 5

Which programming language provides the capability of metadata?

A)STML
B)XML
C)HTML
D)XBRL

Question 6

XBRL has the ability to tag both numerical and nonnumerical data.

Question 7

XBRL provides the capability to have a ________ for each amount or fact appearing in a financial report.

Question 8

XML is a programming language also used for Web site development that is static.

Question 9

XBRL tags are similar to

A)Composite keys
B)Foreign keys
C)Primary keys
D)A and B

Question 10

XBRL is a programming language that is an extension of

A)HTML
B)STML
C)XML
D)XTML

Question 11

________ is a programming language used to develop Web pages.

Question 12

XBRL provides customization that prohibits data from being shared across different applications and IT platforms.

Question 13

You can think of the XBRL tags as ________ keys for data contained in financial reports.

Question 14

Credit rating agencies must use XBRL for reporting all ratings beginning in August 2009.

Question 15

XBRL is a programming language that includes ________, data about data.

Question 16

What was XBRL developed to standardize and streamline?

A)Data analysis
B)Financial and business reports
C)Business intelligence
D)Decision making

Question 17

XBRL is a programming language that is an extension of eXtensible Markup Language (XML).

Question 18

XBRL provides the capability to have a ________ for each amount or fact appearing in a financial report.

A)Unique identifier
B)Qualitative factor
C)Foreign key
D)Reference identifier

Question 19

What is metadata?

A)Data about financial reports
B)Data about business intelligence
C)Data about the database
D)Data about data

Question 20

All publicly traded companies are required to use XBRL for SEC filings by June 2011.

Question 21

XBRL has the ability to tag

A)Quantitative and qualitative data
B)Numerical and nonnumerical data
C)Spreadsheets and Adobe PDF files
D)A and B

Question 22

The use of XBRL for financial reporting permits the SEC to review a fewer number of filings in detail.

Question 23

In XBRL integrated tagging, data for reports is retrieved from the database, reports are prepared, and electronic tags are added to create XBRL reports.

Question 24

The US SEC started mandating XBRL filings for selected companies in

A)2009
B)2005
C)2010
D)2007

Question 25

Which country's banking industry was the first in Europe to adopt XBRL?

A)Germany
B)Spain
C)France
D)Ireland

Question 26

You are a staff account at a publicly traded manufacturing company. During a meeting your boss indicates upper management wants to know they should consider implementing XBRL. Prepare a report indicating who uses XBRL and the benefits.

Question 27

List 5 countries that use XBRL.

Question 28

Which of the following provides the most capability for sharing data between applications?

A)Spreadsheets
B)Text files
C)XBRL
D)HTML

Question 29

Within the first quarter of implement XBRL, the FDIC went from a 66 percent data accuracy to

A)75 percent accuracy
B)86 percent accuracy
C)95 percent accuracy
D)98 percent accuracy

Question 30

How is XBRL being used in the Americas?

Question 31

Beginning in 2009, the SEC mandated the use of XBRL for SEC filings for

A)Selected large publicly held companies
B)All privately held companies
C)Selected large privately held companies
D)All publicly held companies

Question 32

In some situations, XBRL may be used instead of spaghetti code, to make data interchangeable among its systems.

Question 33

How is XBRL being used in Europe?

Question 34

XBRL converts unstructured data into structured data, automating data exchange by making the data interchangeable across formats, software applications, and platforms.

Question 35

XBRL converts unstructured data into

A)Business intelligence
B)Shadow data
C)Metadata
D)Structured data

Question 36

XBRL bolt-on tagging permits companies to make more extensive use of XBRL for internal decision making.

Question 37

Which country was the first capital market in the world to adopt XBRL?

A)USA
B)United Kingdom
C)China
D)Japan

Question 38

How is XBRL being used in Asia?

Question 39

Which country does not use XBRL for financial reporting?

A)Israel
B)Luxembourg
C)Spain
D)Peru

Question 40

The data stored in a relational database is stored with its metadata, such as data about the time period, account, currency, and so on.

Question 41

XBRL shows promise to streamline financial reports and data processing by using digital tagging that is the equivalent to the use of

A)Retina scanning for security
B)Relational database for data storage
C)Bar code scanning on inventory
D)B and C

Question 42

The data stored in an XBRL database is stored with

A)Superior data integrity
B)Bar codes
C)Metadata
D)Business intelligence tools

Question 43

An instance document contains specific amounts for a taxonomy at one instance.

Question 44

XBRL uses the same syntax used by XML and HTML.

Question 45

________ adds tags as information is processed, similar to adding bar codes during the manufacturing process.

Question 46

A(n)________ database, can store both the data and the metadata.

Question 47

Organizations using integrated enterprise systems with a centralized database can use XBRL integrated tagging if they use a(n)________.

A)Dimensional database
B)XBRL database
C)Relational database
D)Network database

Question 48

What is the difference between bolt-on tagging and integrated tagging?

Question 49

When are XBRL tags added to data?

A)When the data is imported into the data warehouse
B)After reports are created
C)During information processing
D)B and C

Question 50

Which of the following is the best benefit of using integrated XBRL tagging?

A)It is an additional cost to meet mandated requirements.
B)Permits companies to make more extensive use of XBRL for internal decision making
C)Enables the user of spreadsheets to track data
D)Enables the data to be retrieved from the database before adding the XBRL tags

Question 51

A taxonomy is a dictionary that defines the XBRL tags used for specific data items.

Question 52

________ tagging permits companies to make more extensive use of XBRL for internal decision making.

Question 53

A(n)________ database can store data but not metadata.

Question 54

Organizations using integrated enterprise systems with a centralized database can use XBRL integrated tagging if they use a(n)________.

Question 55

In XBRL, the opening and closing tags are identical.

Question 56

Which of the following is not a benefit of XBRL?

A)Reduced data quality
B)Reduced processing time
C)Greater data integrity
D)Increased standardization

Question 57

Instead of installing an enterprise system or writing ________ to connect various systems, Walcoal in Japan uses XBRL to make data interchangeable among its systems.

Question 58

________ adds tags after reports are prepared, just as bar codes were added to bottles at the end of the manufacturing process.

Question 59

XBRL has been compared to product ________.

Question 60

XBRL software tools using a specified taxonomy transforms data into XBRL instance documents.

Question 61

A ________ is a dictionary that defines the XBRL tags used for specific data items.

Question 62

The XBRL linkdase ________ link defines different kinds of relationships between elements. For example, ZIP code is the postal code used in the United States.

Question 63

XBRL schemas define relationships between data.

Question 64

Match the linkbase to the appropriate definition.

A)Defines the labels used in the document
B)Defines how the elements are presented
C)Defines the relationships between the elements and the external regulations or standards
D)Defines the basic validation rules
E)Defines different kinds of relationships between elements
Reference link

Question 65

The XBRL linkbase ________ link defines the relationships between the elements and the external regulations or standards.

Question 66

Match the linkbase to the appropriate definition.

A)Defines the labels used in the document
B)Defines how the elements are presented
C)Defines the relationships between the elements and the external regulations or standards
D)Defines the basic validation rules
E)Defines different kinds of relationships between elements
Label link

Question 67

Match the XBRL essential to the appropriate definition.

A)Defines relationships between data
B)Defines which elements are related to a particular taxonomy
C)Identifies the specific amounts for a taxonomy at one instance
D)Relates to data and metadata
E)A dictionary that defines the XBRL tags used for specific data items
Taxonomy

Question 68

The ________ define which elements are related to a particular taxonomy.

Question 69

Match the XBRL essential to the appropriate definition.

A)Defines relationships between data
B)Defines which elements are related to a particular taxonomy
C)Identifies the specific amounts for a taxonomy at one instance
D)Relates to data and metadata
E)A dictionary that defines the XBRL tags used for specific data items
Instance document

Question 70

Match the following elements to the appropriate definitions.

A)Numeric and nonnumeric facts
B)Time period
C)Unit of measure
D)Unique ID for the element
E)Defines the company or entity
F)Explains the environment in which the data appears
Identifier elements

Question 71

Match the following elements to the appropriate definitions.

A)Numeric and nonnumeric facts
B)Time period
C)Unit of measure
D)Unique ID for the element
E)Defines the company or entity
F)Explains the environment in which the data appears
Data element

Question 72

The XBRL linkbase ________ link defines basic validation rules. For example, assets equal liabilities plus stockholders' equity.

Question 73

Match the linkbase to the appropriate definition.

A)Defines the labels used in the document
B)Defines how the elements are presented
C)Defines the relationships between the elements and the external regulations or standards
D)Defines the basic validation rules
E)Defines different kinds of relationships between elements
Definition link

Question 74

Match the linkbase to the appropriate definition.

A)Defines the labels used in the document
B)Defines how the elements are presented
C)Defines the relationships between the elements and the external regulations or standards
D)Defines the basic validation rules
E)Defines different kinds of relationships between elements
Calculation link

Question 75

Match the following elements to the appropriate definitions.

A)Numeric and nonnumeric facts
B)Time period
C)Unit of measure
D)Unique ID for the element
E)Defines the company or entity
F)Explains the environment in which the data appears
Context element

Question 76

Match the following elements to the appropriate definitions.

A)Numeric and nonnumeric facts
B)Time period
C)Unit of measure
D)Unique ID for the element
E)Defines the company or entity
F)Explains the environment in which the data appears
Entity elements

Question 77

Match the linkbase to the appropriate definition.

A)Defines the labels used in the document
B)Defines how the elements are presented
C)Defines the relationships between the elements and the external regulations or standards
D)Defines the basic validation rules
E)Defines different kinds of relationships between elements
Presentation link

Question 78

Match the following elements to the appropriate definitions.

A)Numeric and nonnumeric facts
B)Time period
C)Unit of measure
D)Unique ID for the element
E)Defines the company or entity
F)Explains the environment in which the data appears
Unit elements

Question 79

With XBRL ________, the account titles and structure have been standardized.

Question 80

XBRL ________ define relationships between data.