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

Question

Quizplus · Accepted Answer

XBRL tags are designed to increase the efficiency and accuracy of financial reporting by enabling computer systems to understand and process financial data in a standardized way. This allows data to be easily analyzed, searched, and communicated between different systems and organizations. Therefore, the statement is true.

XBRL Tags Enable Computers to Process Data Intelligently by Storing