Which of the following statements is correct regarding extensible business reporting language (XBRL)?
A) XBRL is used to identify the content of financial data.
B) XBRL is used to format the presentation of financial data on web pages.
C) XBRL uses hypertext markup language (HTML) tags.
D) XBRL reports words and figures as standalone blocks of data.

Question

Quizplus · Accepted Answer

XBRL is a language used for communicating financial data in a standardized and machine-readable way. It is not used for formatting the presentation of financial data or using HTML tags. The purpose of XBRL is to identify the content of each item of financial data and tag it with metadata that describes its meaning, allowing for easier analysis and comparison of financial information. Therefore, option (A) is the correct statement. Option (D) is incorrect as XBRL reports words and figures as tagged elements, not standalone blocks of data.

Which of the Following Statements Is Correct Regarding Extensible Business