Question 1

Which of the following is the least likely example of how a specialized digital dashboard might be used?
A)To track construction projects.
B)To track network security.
C)To track manufacturing operations.
D)To track fixed asset depreciation.

Accepted Answer

Tracking fixed asset depreciation is a financial function that would be better suited for financial software or a dedicated accounting system, rather than a specialized digital dashboard. The other options involve tracking operational data and security, which would benefit from real-time visualization and analysis through a digital dashboard.

Question 2

The SEC's rule titled "Interactive Data to Improve Financial Reporting" resulted in which of the following?
A)XBRL International now creates yearly taxonomies for XBRL filing.
B)Large accelerated filers must now format their financial statements using XBRL.
C)U.S.banks must submit their quarterly "Report of Condition and Income" using XBRL.
D)Updated the XBRL specification to the most current version.

Accepted Answer

The SEC's rule on "Interactive Data to Improve Financial Reporting" requires large accelerated filers to format their financial statements using XBRL, making B the correct answer. While XBRL International continues to create yearly taxonomies and U.S. banks must submit the "Report of Condition and Income," these actions were not a direct result of this SEC rule. Additionally, the rule did not update the XBRL specification to the most current version.

Question 3

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

Accepted Answer

The answer of How would XBRL GL facilitate the SEC-required...

Question 4

Which of the following may be the result of data mining?
A)Digital Dashboards.
B)Competitor sales by region.
C)Weather forecasts.
D)Items frequently bought in combination.

Accepted Answer

Data mining can help identify patterns and relationships in data that may not be immediately apparent, such as items frequently bought in combination. The other options listed are not necessarily directly related to data mining.

Question 5

Name three internal and three external databases that you think should be included in a data warehouse for Apple or Google.Support your answer.

Accepted Answer

The answer of Name three internal and three external databases...

Question 6

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

Accepted Answer

The answer of How would XBRL GL be used for...

Question 7

Why would competitor information be included in a data warehouse? How would it be used?

Accepted Answer

The answer of Why would competitor information be included in...

Question 8

Which of the following is not an example of how a company may use business intelligence?
A)XBRL data.
B)Customer demographic information.
C)Product quality issues.
D)Customer credit history.

Accepted Answer

XBRL data is a specific format used for financial reporting and is not typically used as a source of business intelligence. The other options are all examples of how a company may use business intelligence to inform decision making.

Question 9

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

Accepted Answer

The answer of Why is XBRL needed in the financial...

Question 10

Name five items that you think would be included in a digital dashboard for an organization that you are familiar with (church,sorority,local not-for-profit,etc. )Why are these critical business processes for them?

Accepted Answer

The answer of Name five items that you think would...

Question 11

Why would general economic information (GDP,interest rates,etc. )be included in a data warehouse? Would they be more helpful for some companies than for others?

Accepted Answer

The answer of Why would general economic information (GDP,interest rates,etc....

Question 12

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

Accepted Answer

The answer of Name five items that you think would...

Question 13

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

Accepted Answer

The answer of Name five items that you think would...

Question 14

Which of the following metrics would be most likely to show up on a Digital Dashboard for a retail organization?
A)Abandoned Shopping Carts for retailer's website.
B)Weather forecast.
C)Account Reconciliations.
D)Work in process.

Accepted Answer

Abandoned shopping carts are a key metric for a retail organization as it can demonstrate how effective their website and user experience is in converting potential customers into actual customers. Weather forecast, account reconciliations, and work in process are not directly relevant to a retail organization's digital dashboard.

Question 15

How would Apple Computer use a data mart in its marketing area? How does that help designers of the data warehouse know what to include?

Accepted Answer

The answer of How would Apple Computer use a data...

Question 16

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?

Accepted Answer

The answer of There is a different XBRL taxonomy for...

Question 17

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

Accepted Answer

The answer of Why would the company want XBRL assurance...

Question 18

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

Accepted Answer

The answer of How would the XBRL style sheets be...

Question 19

Which of the following best describes the use of XBRL style sheets?
A)Style sheets determine which elements may be used when companies submit their XBRL filing.
B)Style sheets are another name for XBRL instance documents.
C)Style sheets allow for presentation of selected data from XBRL documents in a way that humans can read.
D)Style sheets determine the formatting of numbers and text in the XBRL taxonomy.

Accepted Answer

XBRL style sheets are used to allow for the presentation of selected data from XBRL documents in a way that humans can read. This is achieved by determining how the data is formatted and displayed, such as by specifying font styles, colors, and layout. This enhances the usability of XBRL data for both humans and computer systems.

Question 20

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

Accepted Answer

The answer of Why is assurance needed on XBRL data?...

Quiz 9: Reporting Processes and Extensible Business Reporting Language Xbrl

Which of the following is the least likely example of how a specialized digital dashboard might be used?

The SEC's rule titled "Interactive Data to Improve Financial Reporting" resulted in which of the following?

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

Which of the following may be the result of data mining?

Name three internal and three external databases that you think should be included in a data warehouse for Apple or Google.Support your answer.

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

Why would competitor information be included in a data warehouse? How would it be used?

Which of the following is not an example of how a company may use business intelligence?

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

Name five items that you think would be included in a digital dashboard for an organization that you are familiar with (church,sorority,local not-for-profit,etc. )Why are these critical business processes for them?

Why would general economic information (GDP,interest rates,etc. )be included in a data warehouse? Would they be more helpful for some companies than for others?

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

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

Which of the following metrics would be most likely to show up on a Digital Dashboard for a retail organization?

How would Apple Computer use a data mart in its marketing area? How does that help designers of the data warehouse know what to include?

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?

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

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

Which of the following best describes the use of XBRL style sheets?

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