Accounting Information Systems, 2e (Kay/Ovlia)
Chapter 9 XBRL: Intelligent Business Reporting
Objective 1
1) With XBRL, each financial reporting amount is electronically tagged with a description of the
data.
2) Credit rating agencies must use XBRL for reporting all ratings beginning in August 2020.
3) XML is a programming language used for Web site development that is static.
4) XBRL is a programming language that includes meta data.
5) XBRL is a programming language that is an extension of HyperText Markup Language
(HTML).
6) XBRL tags enable computers to process data intelligently by storing, updating, searching,
analyzing, transmitting, and communicating with greater speed, standardization, and capabilities.
7) You can think of the XBRL tags as foreign keys for data contained in financial reports.
8) Metadata is simply data about data.
9) ________ is a programming language used to develop Web pages.
10) The use of ________ for Web sites permits enterprises to enter data once in their databases
and have the update ripple through to the Web site.
11) ________ was developed to standardize and streamline financial and business reports.
12) XBRL provides ________ that permits data to be shared across different applications and IT
platforms.
13) You can think of the XBRL tags as ________ keys for data contained in financial reports.
14) Which programming language is used for financial reporting around the globe?
A) XBRL
B) XML
C) HTML
D) SGML
15) XBRL is a programming language that is an extension of
A) HTML
B) SGML
C) XML
D) XTML
16) Which programming language does the SEC require all publicly traded companies to use?
A) SGML
B) XML
C) HTML
D) XBRL
17) One advantage of using XBRL for financial reporting is
A) Rekeying data into various systems
B) Improved data analytics for business intelligence
C) Increased data security
D) Reduced data clarity
18) What is metadata?
A) Data about financial reports
B) Data about business intelligence
C) Data about the database
D) Data about data
19) XBRL provides the capability to have a ________ for each amount or fact appearing in a
financial report.
A) unique identifier
B) qualitative factor
C) foreign key
D) reference identifier
20) XBRL tags are similar to
A) Composite keys
B) Spreadsheet rows
C) Primary keys
D) Database records
21) XBRL has the ability to tag
A) Metadata and databases
B) Numerical and non numerical data
C) Spreadsheets and Adobe PDF files
D) Microsoft Word documents
22) Which of the following provides the most capability for sharing data between applications?
A) Spreadsheets
B) Text files
C) XBRL
D) HTML
23) What is XBRL? How does it work?
1) XBRL can only be used by banking regulators and financial analysts.
2) Beginning in 2009, the SEC mandated the use of XBRL for SEC filings for
A) Selected large publicly held companies
B) All privately held companies
C) Selected large privately held companies
D) All publicly held companies
3) The US SEC started mandating XBRL filings for selected companies in
A) 2009
B) 2011
C) 2010
D) 2012
4) You are a staff account at a publicly traded manufacturing company. During a meeting your
boss indicates upper management wants to know why hey should consider implementing XBRL.
Prepare a report indicating who uses XBRL and the benefits.
1) Which country was the first capital market to adopt XBRL?
A) USA
B) Russia
C) China
D) Japan
2) Italy implemented XBRL for
A) Tax reporting
B) Chamber of commerce filings
C) Banking regulations
D) SEC filings
3) In USA, the FDIC is using XBRL for
A) All bank reporting requirements
B) Nothing (the FDIC is not using XBRL)
C) Some bank reporting requirements
D) None of the above
4) How is XBRL being used in Asia?
5) How is XBRL being used in Europe?
6) How is XBRL being used in the Americas?
1) XML is being mandated by more capital markets globally, companies are using XML to meet
those requirements.
Match the following terms with the appropriate definition.
A) A programming language that converts unstructured data into structured data.
B) A programming language used to develop static web page content.
C) The process of adding data tags after a report is created.
D) A programming language used to develop dynamic web page content.
E) The process of adding data tags during data processing.
2) XBRL
Diff: 2
Objective: Q9.4 Why use XBRL?
3) HTML
Diff: 2
Objective: Q9.4 Why use XBRL?
4) XML
Diff: 2
Objective: Q9.4 Why use XBRL?
5) Bolt-on Tagging
Diff: 2
Objective: Q9.4 Why use XBRL?
6) Integrated Tagging
Diff: 2
Objective: Q9.4 Why use XBRL?
7) Within the first quarter of implement XBRL, the FDIC went from a 66 percent data accuracy
to
A) 80 percent accuracy
B) 95 percent accuracy
C) 73 percent accuracy
D) 99 percent accuracy
8) XBRL converts unstructured data into
A) Business intelligence
B) Structured data
C) Metadata
D) Shadow data
1) In XBRL integrated tagging, data for reports is retrieved from the database, reports are
prepared, and electronic tags are added to create XBRL reports.
2) XBRL bolt-on tagging permits companies to make more extensive use of XBRL for internal
decision making.
3) The data stored in a relational database is stored with its metadata, such as data about the time
period, account, currency, and so on.
4) By tagging data as information is processed, the data can be analyzed and used to create
business intelligence.
5) XBRL has been compared to product ________.
6) ________ adds tags after reports are prepared, just as bar codes were added to bottles at the
end of the manufacturing process.
7) ________ adds tags as information is processed, similar to adding bar codes during the
manufacturing process.
8) ________ tagging permits companies to make more extensive use of XBRL for internal
decision making.
9) A(n) ________ database can store data but not metadata.
10) Organizations using integrated enterprise systems with a centralized database can use XBRL
integrated tagging if they use a(n) ________.
11) A(n) ________ database, can store both the data and the metadata.
12) Instead of installing an enterprise system or writing ________ to connect various systems,
Walcoal in Japan uses XBRL to make data interchangeable among its systems.
13) Which of the following is NOT a benefit of XBRL?
A) Reduced data quality
B) Reduced processing time
C) Greater data integrity
D) Increased standardization
14) XBRL shows promise to streamline financial reports and data processing by using digital
tagging that is the equivalent to the use of
A) Retina scanning for security
B) Relational database for data storage
C) Bar code scanning on inventory
D) Integrated tagging
15) When are XBRL tags added to data?
A) When the data is imported into the data warehouse
B) After reports are created or during information processing
C) During information processing or when the data is entered into a relational database
D) None of the above
16) Which of the following is the best benefit of using integrated XBRL tagging?
A) It is an additional cost to meet mandated requirements.
B) Permits companies to make more extensive use of XBRL for internal decision making
C) Enables the user of spreadsheets to track data
D) Enables the data to be retrieved from the database before adding the XBRL tags
17) Organizations using integrated enterprise systems with a centralized database can use XBRL
integrated tagging if they use a(n) ________.
A) dimensional database
B) XBRL database
C) relational database
D) network database
18) The data stored in an XBRL database is stored with
A) Superior data integrity
B) Bar codes
C) Metadata
D) Business intelligence tools