Question 1

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.

Accepted Answer

While statistical correlations are important in data mining, it is also important to exercise professional judgment in interpreting the results and making decisions based on them. The other options (A, C, D) are not necessarily applicable to all data mining projects and do not directly relate to proper application of data mining techniques.

Question 2

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.

Accepted Answer

The Securities and Exchange Commission (SEC) passed the rule requiring all large domestic publicly traded firms to begin formatting their financial statements using XBRL in February 2009.

Question 3

Which of the following does not facilitate businessdecision-making activities?
A)Data Warehouse.
B)Digital Dashboard.
C)UML Class Diagram.
D)Decision Support System.

Accepted Answer

UML Class Diagram is a tool used in software engineering for visualizing and designing software models. It is not directly related to facilitating business decision-making activities. The other options, Data Warehouse, Digital Dashboard, and Decision Support System, are all tools that can help businesses make informed decisions by providing access to relevant data and insights.

Question 4

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.

Accepted Answer

XBRL GL facilitates efficient communication within a firm by providing a standardized way to record and report financial data across all departments and systems. It is not specifically geared towards communication with financial analysts, suppliers, or customers.

Question 5

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.

Accepted Answer

Marketing officers typically use data for market research and customer analysis, which are less likely to be presented in XBRL format. Financial analysts, loan officers, and regulatory bodies may all use XBRL format for financial reporting and analysis.

Question 6

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

Accepted Answer

XBRL stands for eXtensible Business Reporting Language which is a standardized format for exchanging business information electronically.

Question 7

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.

Accepted Answer

Data warehouses that focus on facilitating managerial accounting needs and/or management by exception are called Decision Support Systems (DSS). DSS provide easy access to information and help managers in making informed decisions based on data analysis. Financial Reporting Systems, Data Mining, and Customer Relationship Management Systems, although they may contain data that could inform decision-making, are not specifically tailored to support managerial accounting needs or management by exception.

Question 8

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.

Accepted Answer

The data warehouse is a centralized repository of an organization's data that is specifically designed to support business intelligence (BI) activities, including analytics, reporting, and data mining. It is often used as the main repository of a company's historical data because it stores all relevant data from various sources, it is optimized for querying and analysis, and it provides a unified, integrated view of the data. The UML Class Diagram and XBRL instance document are not typically used for storing historical data, and a digital dashboard is a tool for monitoring and displaying real-time data, rather than storing historical data.

Question 9

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.

Accepted Answer

Accumulated depreciation for the previous year is an accounting metric that is unlikely to be relevant for a digital dashboard, which is typically focused on real-time or recent data related to performance or operations. The other metrics listed are more likely to appear on a digital dashboard, as they provide information on key performance indicators or progress towards goals.

Question 10

A document containing XBRL elements is called a(n):
A)XBRL Instance Document.
B)XBRL Style Sheet.
C)XBRL Report.
D)XBRL Taxonomy.

Accepted Answer

An XBRL Instance Document is the document containing the XBRL elements that represent the financial data being reported. It is the primary output of XBRL and is used for analysis and comparison of financial data. XBRL Style Sheet is used to format the appearance of the XBRL output, XBRL Report refers to the end result of analyzing and comparing financial data using XBRL Instance Documents, and XBRL Taxonomy is a classification system used to define and categorize financial concepts.

Question 11

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.

Accepted Answer

XBRL taxonomy is the tool that defines and describes each key data element. The XBRL specification is a set of technical guidelines for creating XBRL documents, XBRL style sheet is used to render XBRL instance documents in a human-readable form, and XBRL instance document is the actual document containing XBRL-tagged data.

Question 12

The stated advantages of XBRL GL include:
A)Flexibility
B)SEC approval
C)Less costly
D)Network Effects

Accepted Answer

The answer of The stated advantages of XBRL GL include:
A)Flexibility
B)SEC...

Question 13

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.

Accepted Answer

Business Intelligence commonly utilizes databases, web crawlers, and data warehouses to collect and analyze data. However, Spear Phishing, which is a type of phishing attack that targets specific individuals or organizations, is not a technique used in Business Intelligence.

Question 14

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.

Accepted Answer

Relationships between data items identified through data mining do not necessarily imply causation. Correlations or associations may exist, but careful analysis and consideration of other factors is necessary before drawing any conclusions or making business decisions based on these relationships.

Question 15

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.

Accepted Answer

Data Mining uses sophisticated statistical techniques, such as clustering, classification, regression analysis, and neural networks, to analyze data and find new patterns and trends. Data normalization and data scrubbing are pre-processing steps, while Decision Support Systems can be used for decision-making but do not involve analyzing data for new patterns and trends.

Question 16

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

Accepted Answer

Data mining involves using statistical techniques to uncover hidden patterns and relationships in large databases that were not previously known. Data warehouse refers to a collection of data used for analysis and reporting, while data mart is a subset of a data warehouse that is focused on a particular area of the business. Business intelligence (BI) is a term used to describe the process of gathering, analyzing, and reporting information to support business decision-making. While data mining is often used as part of BI, it is a specific technique within the broader field.

Question 17

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."

Accepted Answer

When relationships are uncovered in data mining, it is most appropriate to use language that indicates a correlation or association, rather than implying causation. Therefore, "A is associated with B" is the most appropriate choice. Choices A, B, and D all imply some degree of causation or direct impact, which may not be accurate in these situations.

Question 18

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

Accepted Answer

Large accelerated filers are required to format their financial statements using XBRL.

Question 19

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.

Accepted Answer

Before data from multiple sources can be loaded into the data warehouse, data inconsistencies must be removed so that the warehouse has homogeneous data for analysis and reporting purposes. This is because the data stored in different systems may have inconsistencies, such as different coding structures, field names, or data types. These inconsistencies must be resolved through a process called data cleansing, which ensures the data is accurate, complete, and consistent. This is critical for effective analysis and reporting. The other options are not necessarily required for loading data into the data warehouse. Obtaining permission from data sources may be necessary, but it is not always required, and operational system reports do not need to be run before loading data into the data warehouse. Finally, the XBRL instance document is related to financial reporting and does not pertain to loading data into the data warehouse.

Question 20

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.

Accepted Answer

XBRL assurance does not typically include assurance that reports include all relevant financial and nonfinancial information. This is the responsibility of the reporting entity to ensure all relevant information is included in the report. Assurance for XBRL typically focuses on the accuracy, completeness, and reliability of the XBRL tagging and underlying data, as well as ensuring the use of the most current, standardized XBRL taxonomy.

Quiz 9: Reporting Processes and Extensible Business Reporting Language Xbrl

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

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

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

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

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

XBRL stands for

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

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

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

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

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

The stated advantages of XBRL GL include:

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

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

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

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:

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

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

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

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