Question 1

The text discussed five terms related to the structure of XBRL.Which of the following pairs of items includes two examples of the same term? A)XML, XBRL B)Global Ledger, invoice C)Global Ledger, XBRL D)None of these

Accepted Answer

None of the pairs listed include two examples of the same term. XML and XBRL are related but not examples of the same term; XML is a markup language, while XBRL is a specific application of XML for business and financial data. Global Ledger and invoice are not examples of the same term either; Global Ledger refers to a comprehensive accounting ledger, while is an example of an XML tag, not a term comparable to Global Ledger. Similarly, Global Ledger and XBRL are not examples of the same term; one is an accounting concept, and the other is a data format.

Question 2

Examples of XBRL instance documents include:
A)Statement of cash flows
B)Balance sheet
C)Income statement
D)All of these

Accepted Answer

XBRL instance documents can be created for any financial statement, including the statement of cash flows, balance sheet, and income statement, among others. Therefore, all of the given choices are examples of XBRL instance documents.

Question 3

Which of the following statements about XBRL is most true?
A)Because it is extensible, companies can create new specifications that reside in an Internet namespace.
B)Because it is organized in taxonomies, it is extensible.
C)Because it is extensible, companies can create tags that are used in instance documents, as long as they are defined in a namespace.
D)All of these statements are true.

Accepted Answer

XBRL is extensible, allowing companies to create custom tags for their financial data, provided these tags are defined within a specific namespace.

Question 4

XBRL's global ledger taxonomy can be used for transaction processing, while the US financial reporting taxonomy is focused on output reports.Which of the following XBRL tags would you expect to find as part of the US financial reporting taxonomy? A)invoice B)10000 C)Both invoice and 10000 D)Neither invoice nor 10000

Accepted Answer

The US financial reporting taxonomy focuses on financial reporting and would therefore include tags such as to report on a company's total assets. The tag is not typically used in financial reporting and would not be included in this taxonomy.

Question 5

XBRL is structured into taxonomies which reside in namespaces.All of the following are namespaces except:
A)http://xbrl.us/country/2008-10-31
B)http://xbrl.us/rr/2008-12-31
C)http://xbrl.us/mda/2008-10-31
D)http://xbrl.org

Accepted Answer

The given options (A), (B), and (C) are all examples of namespaces within XBRL, but (D) is the overall namespace for XBRL.

Question 6

XBRL's structure is flexible, so companies can extend it when the need arises.Which of the following terms is most likely to require an extension of an existing XBRL taxonomy?
A)Asset
B)Operating cash flow
C)Both Asset and Operating cash flow will likely require an extension of an existing taxonomy.
D)Neither Asset nor Operating cash flow will likely require an extension of an existing taxonomy.

Accepted Answer

Assets and Operating cash flow are common financial terms that are likely to be included in a standard XBRL taxonomy, so they typically would not require an extension.

Question 7

With respect to XBRL, Global Ledger and International Financial Reporting Standards are:
A)Specifications.
B)Taxonomies.
C)Namespaces.
D)Instance documents.

Accepted Answer

Global Ledger and International Financial Reporting Standards are both examples of taxonomies in XBRL. Taxonomies are a set of predefined terms and their relationships that provide a common language for financial reporting. They define the elements and structures that can be used in XBRL instance documents to represent financial information in a standardized way.

Question 8

Most accounting information systems comprise five generic elements.As a tool for preparing financial statements, XBRL is most closely associated with:
A)Processing
B)Input
C)Output
D)Storage

Accepted Answer

The answer of Most accounting information systems comprise five generic...

Question 9

XBRL's global ledger taxonomy can be used for transaction processing, while the US financial reporting taxonomy is focused on output reports.Which of the following XBRL tags would you expect to find as part of the global ledger taxonomy? A)invoice B)10000 C)Both invoice and 10000 D)Neither invoice nor 10000

Accepted Answer

The global ledger taxonomy is designed for transaction processing, which involves detailed records of individual transactions. An invoice tag (invoice) would be part of this taxonomy because it relates to individual transactions. In contrast, a tag like is more aligned with summary financial reporting, which is the focus of the US financial reporting taxonomy.

Question 10

XBRL provides ___ for a company's financial information.
A)Context
B)GAAP
C)Both context and GAAP
D)Neither context nor GAAP

Accepted Answer

XBRL (eXtensible Business Reporting Language) provides a framework for expressing financial information in a standardized format, allowing for the context of data to be understood and shared efficiently. It does not provide GAAP (Generally Accepted Accounting Principles) itself, but it can be used to report financial information that complies with GAAP.

Question 11

ABC Corporation, a US manufacturer, files its 10-K annual report with the SEC using XBRL.Being a US manufacturer tells ABC which ___ to use; the 10-K is a(n) ___.
A)Taxonomy; instance document
B)Taxonomy; specification
C)Specification; instance document
D)Specification; taxonomy

Accepted Answer

As a US manufacturer, ABC Corporation would use a specific XBRL taxonomy that pertains to its industry. The 10-K annual report is an instance document because it contains specific data and information about the company's financial performance over the previous fiscal year.

Question 12

The accounting cycle comprises ten steps.In which step is an XBRL taxonomy first likely to be used?
A)Post from the journal to the ledger.
B)Record the transactions in a journal.
C)Prepare financial statements.
D)Close the nominal accounts to retained earnings.

Accepted Answer

The answer of The accounting cycle comprises ten steps.In which...

Question 13

The "X" in XBRL stands for extensible.Which of the following can an individual company extend when using XBRL?
A)Instance documents
B)Taxonomies
C)Specifications
D)All of these

Accepted Answer

An individual company can extend taxonomies when using XBRL. Taxonomies are the standardized lists of financial tags that are used to label financial data for consistent reporting. Companies can create their own extensions and add them to the existing taxonomy to better reflect their unique reporting requirements. Instance documents and specifications cannot be extended by individual companies.

Question 14

Which of the following terms describes the relationship between XBRL and XML?
A)Extensible
B)Specification
C)Taxonomy
D)Instance document

Accepted Answer

XBRL (eXtensible Business Reporting Language) is a specification based on XML (eXtensible Markup Language), meaning it is a specific application of XML designed to meet the unique requirements of financial reporting.

Question 15

Because XBRL is an "open source" information technology tool, companies can:
A)Add tags as necessary.
B)Choose which tagging software they will use.
C)Both add tags as necessary and choose which tagging software they will use.
D)Neither add tags as necessary nor choose which tagging software they will use.

Accepted Answer

The answer of Because XBRL is an "open source" information...

Question 16

XBRL is organized in taxonomies.All of the following are XBRL taxonomies except:
A)US Country Taxonomy 2009
B)IFRS-GP
C)XML taxonomy
D)XBRL-GL

Accepted Answer

XML is not an XBRL taxonomy. The other options, including US Country Taxonomy 2009, IFRS-GP, and XBRL-GL, are all examples of XBRL taxonomies.

Question 17

The Internet address that defines XBRL tags is called a(n):
A)Specification
B)Taxonomy
C)Namespace
D)Instance document

Accepted Answer

The Internet address that defines XBRL (eXtensible Business Reporting Language) tags is called a Namespace. A namespace is a component of XML (the base standard for XBRL) that qualifies element and attribute names by associating them with namespaces identified by URI references. This is essential in XBRL to ensure that tags from different taxonomies do not conflict with each other.

Question 18

In the notation <ifrs-gp:AssetsHeldSale>, ifrs-gp is a ___ which would reside in a ___ on the Internet.
A)Namespace; taxonomy
B)Taxonomy; specification
C)Namespace; specification
D)Taxonomy; namespace

Accepted Answer

The answer of In the notation <ifrs-gp:AssetsHeldSale>, ifrs-gp is a...

Question 19

Which of the following terms best explains the idea that anyone can add to XBRL?
A)Extensible
B)Specification
C)Taxonomy
D)Namespace

Accepted Answer

The term "extensible" means that anyone can add to the XBRL language and create customized extensions to the standard taxonomy.

Question 20

SEC filings that use XBRL are labeled in EDGAR as:
A)Instance documents.
B)Interactive data.
C)XBRL documents.
D)XBRL data.

Accepted Answer

SEC filings that use XBRL are labeled in EDGAR as Interactive data. XBRL is a form of interactive data that enables analysts, investors, and other stakeholders to better understand, compare, and analyze financial and other data contained within SEC filings.

Quiz 8: XBRL

The text discussed five terms related to the structure of XBRL.Which of the following pairs of items includes two examples of the same term?

Examples of XBRL instance documents include:

Which of the following statements about XBRL is most true?

XBRL's global ledger taxonomy can be used for transaction processing, while the US financial reporting taxonomy is focused on output reports.Which of the following XBRL tags would you expect to find as part of the US financial reporting taxonomy?

XBRL is structured into taxonomies which reside in namespaces.All of the following are namespaces except:

XBRL's structure is flexible, so companies can extend it when the need arises.Which of the following terms is most likely to require an extension of an existing XBRL taxonomy?

With respect to XBRL, Global Ledger and International Financial Reporting Standards are:

Most accounting information systems comprise five generic elements.As a tool for preparing financial statements, XBRL is most closely associated with:

XBRL's global ledger taxonomy can be used for transaction processing, while the US financial reporting taxonomy is focused on output reports.Which of the following XBRL tags would you expect to find as part of the global ledger taxonomy?

XBRL provides ___ for a company's financial information.

ABC Corporation, a US manufacturer, files its 10-K annual report with the SEC using XBRL.Being a US manufacturer tells ABC which _ to use; the 10-K is a(n) _.

The accounting cycle comprises ten steps.In which step is an XBRL taxonomy first likely to be used?

The "X" in XBRL stands for extensible.Which of the following can an individual company extend when using XBRL?

Which of the following terms describes the relationship between XBRL and XML?

Because XBRL is an "open source" information technology tool, companies can:

XBRL is organized in taxonomies.All of the following are XBRL taxonomies except:

The Internet address that defines XBRL tags is called a(n) :

In the notation <ifrs-gp:AssetsHeldSale>, ifrs-gp is a _ which would reside in a _ on the Internet.

Which of the following terms best explains the idea that anyone can add to XBRL?

SEC filings that use XBRL are labeled in EDGAR as: