Deck 9: Reporting Processes and Extensible Business Reporting Language Xbrl

Question 1

Data warehouses are often designed to facilitate decision making such as those often used in managerial accounting and facilitate management by exception,such as variance reports,trend reports,variance analysis reports,and reports that show actual performance are compared to budgeted information.

Answer 1

True

Question 2

XBRL style sheets take the instance documents and add presentation elements to make XBRL filings readable by humans.

Answer 2

True

Question 3

Since both are regulators,the SEC and the IRS will likely have similar XBRL style sheets for the various XBRL filings.

Answer 3

False

Question 4

XBRL serves as a means to electronically communicate business information to facilitate business reporting of financial and nonfinancial data to users.XBRL greatly enhances the speed and accuracy of business reporting.

Question 5

XBRL is based on the XML language.

Question 6

XBRL produces standardized reports and is not customizable.

Question 7

A collection of information gathered from an assortment of external and operational (i.e. ,internal)databases to facilitate reporting for decision making and business analysis is called:

A)Business intelligence.
B)Data Warehouse.
C)Digital Dashboard.
D)XBRL.

Question 8

If data mining finds a statistical correlation or relationship between two data items,then there exists a plausible relationship between those two data items in the real world.

Question 9

A data warehouse may include:

A)An XBRL style sheet
B)General Economic Information
C)A digital Dashboard
D)Ciphertext

Question 10

Which of the following is least likely to appear in a Digital Dashboard:

A)Website clicks
B)Current month sales
C)Expected Fed Fund rate changes
D)Store openings

Question 11

Data warehouses gather information from external databases,but not from internal databases.

Question 12

Data Mining is a process of using sophisticated statistical techniques to extract and analyze data from large databases to discern patterns and trends that were not previously known.

Question 13

XBRL (eXtensible Business Reporting Language)is an open,global standard for exchanging financial reporting information.

Question 14

The steps in business intelligence include:

A)Gather Information,Analyze Data for Patterns,Make Decision
B)Analyze Data for Patterns,Gather Information,Make Decision
C)Create Data Warehouse,Query Data Warehouse,Make Decision
D)Create Data Warehouse,Analyze Data for Patterns,Make Decision

Question 15

XBRL GL (also known as XBRL Global Ledger Taxonomy)serves as a means to facilitate efficient communication within a firm.

Question 16

Data mining is considered a technique of:

A)Data Warehousing
B)Project Management
C)Data Martian
D)Business Intelligence

Question 17

XBRL allows highly disaggregated data so not only is it possible to know the level of sales,but it is possible to know sales revenue in much more detail.

Question 18

XBRL instance documents describe each key data element (e.g. ,total assets,accounts,payable,net income,etc. ).

Question 19

Ford may use business intelligence for all of the following except:

A)Compare competitor vehicle sales to Ford vehicle sales.
B)Review website activity.
C)Prepare activity models using BPM.
D)Analyze the correlation of gas prices to vehicle sales.

Question 20

Bank loan officers and the IRS will likely have different XBRL style sheets for the various XBRL filings.

Question 21

In addition to finding statistical correlations,proper application of Data Mining techniques should include which of the following?

A)Good use of the REA framework.
B)Professional judgment.
C)Use of the most current XBRL taxonomy.
D)Digital dashboards.

Question 22

In February 2009,the _____ passed the rule requiring all large domestic publicly traded firms to begin formatting their financial statements using XBRL.

A)Financial Accounting Standards Board.
B)International Accounting Standards Board.
C)American Institute of Certified Public Accountants.
D)Securities and Exchange Commission.

Question 23

Which of the following does not facilitate businessdecision-making activities?

A)Data Warehouse.
B)Digital Dashboard.
C)UML Class Diagram.
D)Decision Support System.

Question 24

XBRL GL,or XBRL Global Ledger Taxonomy,is different from XBRL US GAAP because it facilitates:

A)Efficient communication between the firm and financial analysts.
B)Efficient communication within a firm.
C)Efficient communication between the firm and its suppliers.
D)Efficient communication between the firm and its customers.

Question 25

Which of the following roles is least likely to use data in XBRL format:

A)Financial analysts.
B)Loan officers.
C)Marketing officers.
D)Regulatory bodies.

Question 26

XBRL stands for

A)eXtensible Business Reporting Language
B)eXtensible Behavioral Reporting Language
C)eXtensible Book Reporting Language
D)eXtensible Basic Reporting Language

Question 27

Data warehouses that focus on facilitating managerial accounting needs and/or management by exception,can be called:

A)Financial Reporting Systems.
B)Data Mining.
C)Customer Relationship Management Systems.
D)Decision Support Systems.

Question 28

Which of the following is often used as the main repository of a company's historical data (i.e. ,its corporate memory)?

A)The UML Class Diagram.
B)The data warehouse.
C)The XBRL instance document.
D)Its digital dashboard.

Question 29

Which of the following metrics would be least likely to show up on a Digital Dashboard?

A)Accumulated depreciation for the previous year.
B)Month-to-date sales.
C)Budget variances.
D)Number of accident-free days.

Question 30

A document containing XBRL elements is called a(n):

A)XBRL Instance Document.
B)XBRL Style Sheet.
C)XBRL Report.
D)XBRL Taxonomy.

Question 31

The tool that defines and describes each key data element (e.g. ,total assets,accounts,payable,net income,etc. )in XBRL is called _____:

A)XBRL specification.
B)XBRL taxonomy.
C)XBRL style sheet.
D)XBRL instance document.

Question 32

The stated advantages of XBRL GL include:

A)Flexibility
B)SEC approval
C)Less costly
D)Network Effects

Question 33

Business Intelligence is a technique that frequently makes use of all of the following except:

A)Spear Phishing.
B)Databases.
C)Web crawlers.
D)Data warehouses.

Question 34

When using a Data Mining approach for business analysis,it is important to remember which of the following?

A)All relationships between data items mean that one item has an impact on the other.
B)Data patterns and trends must be obvious before we can consider them in the business decision making process.
C)Relationships between data items do not necessarily mean that one causes the other.
D)Data mining should be performed in the operational system,not the data warehouse.

Question 35

Data Mining uses which of the following approaches to analyze data and find new patterns and trends?

A)Data normalization.
B)Data scrubbing.
C)Decision Support Systems.
D)Sophisticated statistical techniques.

Question 36

The process of using sophisticated statistical techniques to extract and analyze data from large databases to discern patterns and trends that were not previously known is called:

A)Data Mart
B)Data Mining
C)Data Warehouse
D)Business Intelligence

Question 37

Data mining may uncover relationships in which no causality should be implied.In these cases,which of the following phases would be most appropriate?

A)"A improves B."
B)"A has an impact on B."
C)"A is associated with B."
D)"A enhances B."

Question 38

Which type of company does the Securities and Exchange Commission (SEC)require to format their financial statements using XBRL?

A)Financial institutions
B)Large accelerated filers
C)Brokerage firms
D)All public companies

Question 39

Before data from multiple sources can be loaded into the data warehouse,which of the following activities must be performed?

A)The company must obtain explicit permission from all public and private data sources before their data can be used in the data warehouse.
B)Operational system reports must be run,as the extraction process that loads the data warehouse usually deletes the data from the operational system.
C)Data inconsistencies must be removed so that the warehouse has homogeneous data for analysis and reporting purposes.
D)The operational system must create and file the appropriate XBRL instance document with the SEC.

Question 40

XBRL assurance is generally expected to include all of the following except:

A)Assurance that the most current,standardized XBRL taxonomy is used.
B)Assurance that the underlying financial and nonfinancial data that is used in XBRL tagging is reliable.
C)Assurance that the XBRL tagging is accurate and complete.
D)Assurance that reports include all relevant financial and nonfinancial information.

Question 41

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.

Question 42

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.

Question 43

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

Question 44

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.

Question 45

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

Question 46

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

Question 47

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

Question 48

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.

Question 49

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

Question 50

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?

Question 51

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?

Question 52

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

Question 53

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

Question 54

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.

Question 55

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?

Question 56

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?

Question 57

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

Question 58

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

Question 59

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.

Question 60

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

Question 61

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?

Question 62

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?