Question 1

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

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. A data mart is a subset of a larger data warehouse that is specific to a particular business function or group. A data warehouse is a large, centralized repository of data that is used to support decision-making activities. Business intelligence is a broad term that encompasses the tools, technologies, and processes used to transform raw data into actionable insights for business purposes. While data mining is a key component of business intelligence, it is just one of many techniques used in this field. Therefore, the best choice for this question is B) Data Mining.

Question 2

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.)be...

Question 3

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 4

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 5

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

The XBRL taxonomy is the tool that defines and describes each key data element in XBRL, providing the framework for creating and exchanging financial information in a standardized format. The XBRL specification outlines the technical details of how XBRL works, while the XBRL style sheet is used to format the presentation of XBRL data, and the XBRL instance document is a specific instance of XBRL data for a particular company or reporting period.

Question 6

In February 2009,the _____________ passed the rule requiring all large domestic 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 rule requiring all large domestic firms to begin formatting their financial statements using XBRL was passed by the Securities and Exchange Commission in February 2009. The other options listed are organizations involved in accounting and auditing standards, but they do not have the authority to make such regulations.

Question 7

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

Accepted Answer

An XBRL Instance Document is a file that contains XBRL elements, which represent financial and business data in a structured format. It is a key component of XBRL, which is used to standardize and streamline the reporting of financial and business information. XBRL taxonomy provides a standardized dictionary of elements, and the instance document contains specific instances of those elements for a particular reporting period. XBRL style sheets, on the other hand, are used to define the presentation of XBRL data. Finally, an XBRL report is typically a summary of the financial or business information represented in an XBRL instance document.

Question 8

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 9

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 global standard for exchanging business information electronically. It is used for reporting financial and business information in a standardized format, making it easier to analyze and compare.

Question 10

XBRL assurance is generally expected to include:
A) The most current, standardized XBRL taxonomy is used.
B) The underlying financial and nonfinancial data that is used in XBRL tagging is reliable.
C) The XBRL tagging is accurate and complete.
D) The reports include all relevant financial and nonfinancial information.

Accepted Answer

The answer of XBRL assurance is generally expected to include:
A)...

Question 11

The first person to propose using XML be used as a means to electronically deliver financial information was:
A) Albert Gore
B) Charles Hoffman
C) Manuel Sanchez
D) Kevin Kobelsky

Accepted Answer

Charles Hoffman, co-founder of Trellix Corp., proposed using XML for electronic delivery of financial information in a paper he presented in 1996 at the Financial Services Technology Conference.

Question 12

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

Accepted Answer

The answer of The steps in business intelligence include:
A) Gather...

Question 13

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 14

Digital Dashboard tracks in a user-friendly way:
A) Airplane speed
B) Critical business failures
C) Critical business processes
D) Critical business projects

Accepted Answer

A digital dashboard typically tracks and displays performance and progress of critical business processes in a user-friendly way. While it is possible for a digital dashboard to track airplane speed, this is not typically the primary purpose of a business dashboard. Tracking critical business failures and projects can be important, but these may be better tracked through separate dashboards or tools.

Question 15

The stated advantages of XBRL GL include:
A) Flexibility
B) Wide acceptance by the market
C) Scalability
D) Network Effects

Accepted Answer

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

Question 16

Name three internal and three external databases that you think should be included in a data warehouse for Ford,Chrysler or General Motors.Support your answer.

Accepted Answer

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

Question 17

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 18

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 is designed for communication and exchange of financial information within an organization, enabling transparency and consistency across various business units and systems. XBRL US GAAP, on the other hand, is focused on the reporting of financial information to external stakeholders, such as investors and analysts.

Question 19

A computer-based information system that facilitates business decision-making activities is called a:
A) Data Warehouse
B) Digital Dashboard
C) Decision Support System
D) Data Mart

Accepted Answer

A Decision Support System (DSS) is a computer-based information system that supports business decision-making activities. It provides access to data from different sources, analytical tools, and simulation models to facilitate decision-making. Data Warehouse, Data Mart, and Digital Dashboard are also types of information systems but do not necessarily have the same level of support for decision-making activities as a DSS.

Question 20

XBRL does all of the following except:
A) Enhances speed and accuracy of business reporting.
B) Provides major benefits in the preparation, analysis and communication of business information.
C) Serves as a universal standard for financial reporting information in the individual investor community.
D) Facilitates business reporting of financial and nonfinancial data.

Accepted Answer

While XBRL does provide many benefits in business reporting, it is not specifically designed to serve as a universal standard for financial reporting information in the individual investor community. It is primarily used by businesses and regulatory bodies to improve reporting efficiency and accuracy.

Quiz 9: Reporting Processes and Extensible Business Reporting Language XBRL

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:

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?

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?

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

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

A document containing XBRL elements is called a:

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

XBRL stands for

XBRL assurance is generally expected to include:

The first person to propose using XML be used as a means to electronically deliver financial information was:

The steps in business intelligence include:

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

Digital Dashboard tracks in a user-friendly way:

The stated advantages of XBRL GL include:

Name three internal and three external databases that you think should be included in a data warehouse for Ford,Chrysler or General Motors.Support your answer.

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?

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

A computer-based information system that facilitates business decision-making activities is called a:

XBRL does all of the following except: