Question 1

Which of the following is more likely to have similar XML?

Accepted Answer

A)  The music industry and the fishing industry.
B)  The government and the finance industry.
C)  A university and a college.
D)  A construction company and a real estate agency.E) A) and C)
F) A) and D)

Question 2

What does extensibility mean in XBRL? Discuss.

Accepted Answer

Extensibility is the idea that each comp...

Question 3

Using XBRL for internal purposes means that:

Accepted Answer

A)  an organisation can set up the coding structure of the items they want to tag to match industry wide standards
B)  an organisation can set up the coding structure of the items they want to tag to match what is particularly suitable for that company
C)  an organisation must set up the coding structure of the items they want to tag to match a global standard
D)  None of the options are correctE) B) and C)
F) C) and D)

Question 4

Tagging is the process of associating an item in accounts to the XBRL __________ in an XBRL __________.

Accepted Answer

A)  element;taxonomy
B)  tag;schema
C)  element;schema
D)  tag;taxonomyE) A) and D)
F) All of the above

Question 5

There are ________ main ways to code financial accounts.

Accepted Answer

A)  two
B)  three
C)  four
D)  none of the options are correctE) All of the above
F) B) and C)

Question 6

Which of the following is not identified as a source of XBRL-related cost savings?

Accepted Answer

A)  Increased data processing capability
B)  Decreased data redundancy
C)  Increased technology capabilities
D)  Decreased costs of bookkeepingE) C) and D)
F) B) and D)

Question 7

Discuss the use of XBRL in Australia.

Accepted Answer

Currently XBRL is not a standard for fil...

Question 8

Which of the following is the coding structure that would be used for Australia and New Zealand?

Accepted Answer

A)  XBRL
B)  IFRS
C)  GAAP
D)  XMLE) B) and C)
F) A) and C)

Question 9

A taxonomy contains a __________ that contains the __________ in the financial accounts.

Accepted Answer

A)  schema;elements
B)  dictionary;elements
C)  schema;tags
D)  dictionary;tagsE) C) and D)
F) None of the above

Question 10

Continuous auditing looks at:

Accepted Answer

A)  the output rather than the process
B)  the process rather than the output
C)  the process and the output
D)  the outputs from XBRL tagged accountsE) A) and D)
F) B) and D)

Question 11

The advantages of XBRL are:

Accepted Answer

A)  reduced data manipulation
B)  paperless reporting
C)  reduced accounting time
D)  all of the options are correctE) None of the above
F) All of the above

Question 12

By attaching meaning to strings of text,XBRL adopts a __________.

Accepted Answer

A)  semantic approach.
B)  non semantic approach
C)  referencing to data approach
D)  none of the options are correctE) A) and C)
F) C) and D)

Question 13

What does XBRL stand for?

Accepted Answer

A)  Exchangeable Business Reporting Language
B)  Extensible Business Reporting Language
C)  Executable Business Reporting Language
D)  Extensive Business Reporting LanguageE) C) and D)
F) B) and D)

Question 14

Describe the five linkbases associated with XBRL.

Accepted Answer

(i)Calculation linkbase - a calculation ...

Question 15

Which of the following statements is correct?

Accepted Answer

A)  XML is a content language
B)  HTML is a content language and XML is a tagging language
C)  XML has predefined tags that control how content appears when displayed on a computer screen
D)  None of the options are correctE) B) and C)
F) A) and D)

Question 16

The Securities Exchange Commission in the US specified that all public companies that prepare financial statements in accordance with at least US GAAP and all foreign private issuers that prepare their financial statements using IFRS must provide their financial statements to the SEC and their corporate websites in:

Accepted Answer

A)  PDF format
B)  XBRL format
C)  HTML format
D)  HardcopyE) B) and C)
F) A) and D)

Question 17

Which types of organisations can use XBRL to save costs and improve efficiency in handling business and financial information?

Accepted Answer

A)  Government agencies.
B)  Non-profit organisations.
C)  Publicly listed companies.
D)  All types of organisations.E) B) and D)
F) A) and B)

Question 18

DTD is:

Accepted Answer

A)  a dependency specification for XBRL
B)  a set of specifications for XML tags
C)  a set of specifications for HTML tags
D)  None of the options are correctE) B) and D)
F) A) and B)

Question 19

The main issue of XBRL tags in an accounting system is to ensure the tags that are set up against the chart of accounts codes in the __________ are correct and have been verified.

Accepted Answer

A)  accounts payable ledger
B)  general ledger
C)  accounts receivable ledger
D)  inventory ledgerE) None of the above
F) A) and D)

Question 20

Large banks around the world:

Accepted Answer

A)  are beginning to require companies to use XBRL in their loan application processes
B)  are yet to require companies to use XBRL in their loan application processes
C)  are not convinced on the benefits of XBRL
D)  none of the options are correctE) B) and D)
F) All of the above

Exam 5: XBRL Reporting

Large banks around the world:

Correct Answer
verified

Which of the following is more likely to have similar XML?

Correct Answer
verified

Correct Answer
verified

Which of the following is not identified as a source of XBRL-related cost savings?

Correct Answer
verified

Continuous auditing looks at:

Correct Answer
verified

What does XBRL stand for?

Correct Answer
verified

The advantages of XBRL are:

Correct Answer
verified

The main issue of XBRL tags in an accounting system is to ensure the tags that are set up against the chart of accounts codes in the __________ are correct and have been verified.

Correct Answer
verified

Which types of organisations can use XBRL to save costs and improve efficiency in handling business and financial information?

Correct Answer
verified

There are ________ main ways to code financial accounts.

Correct Answer
verified

A taxonomy contains a that contains the in the financial accounts.

Correct Answer
verified

Discuss the use of XBRL in Australia.

Correct Answer
verified
Currently XBRL is not a standard for fil...
View Answer

By attaching meaning to strings of text,XBRL adopts a __________.

Correct Answer
verified

Describe the five linkbases associated with XBRL.

Correct Answer
verified
(i)Calculation linkbase - a calculation ...
View Answer

DTD is:

Correct Answer
verified

Using XBRL for internal purposes means that:

Correct Answer
verified

Which of the following statements is correct?

Correct Answer
verified

Which of the following is the coding structure that would be used for Australia and New Zealand?

Correct Answer
verified

What does extensibility mean in XBRL? Discuss.

Correct Answer
verified
Extensibility is the idea that each comp...
View Answer

Tagging is the process of associating an item in accounts to the XBRL in an XBRL .

Correct Answer
verified

Exam 5: XBRL Reporting

Large banks around the world:

Correct AnswerverifiedShow Answer

Which of the following is more likely to have similar XML?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following is not identified as a source of XBRL-related cost savings?

Correct AnswerverifiedShow Answer

Continuous auditing looks at:

Correct AnswerverifiedShow Answer

What does XBRL stand for?

Correct AnswerverifiedShow Answer

The advantages of XBRL are:

Correct AnswerverifiedShow Answer

The main issue of XBRL tags in an accounting system is to ensure the tags that are set up against the chart of accounts codes in the __________ are correct and have been verified.

Correct AnswerverifiedShow Answer

Which types of organisations can use XBRL to save costs and improve efficiency in handling business and financial information?

Correct AnswerverifiedShow Answer

There are ________ main ways to code financial accounts.

Correct AnswerverifiedShow Answer

A taxonomy contains a __________ that contains the __________ in the financial accounts.

Correct AnswerverifiedShow Answer

Discuss the use of XBRL in Australia.

Correct AnswerverifiedCurrently XBRL is not a standard for fil...View AnswerShow Answer

By attaching meaning to strings of text,XBRL adopts a __________.

Correct AnswerverifiedShow Answer

Describe the five linkbases associated with XBRL.

Correct Answerverified(i)Calculation linkbase - a calculation ...View AnswerShow Answer

DTD is:

Correct AnswerverifiedShow Answer

Using XBRL for internal purposes means that:

Correct AnswerverifiedShow Answer

Which of the following statements is correct?

Correct AnswerverifiedShow Answer

Which of the following is the coding structure that would be used for Australia and New Zealand?

Correct AnswerverifiedShow Answer

What does extensibility mean in XBRL? Discuss.

Correct AnswerverifiedExtensibility is the idea that each comp...View AnswerShow Answer

Tagging is the process of associating an item in accounts to the XBRL __________ in an XBRL __________.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

A taxonomy contains a that contains the in the financial accounts.

Correct Answer
verified

Correct Answer
verified
Currently XBRL is not a standard for fil...
View Answer

Correct Answer
verified

Correct Answer
verified
(i)Calculation linkbase - a calculation ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Extensibility is the idea that each comp...
View Answer

Tagging is the process of associating an item in accounts to the XBRL in an XBRL .

Correct Answer
verified