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Exam 9: Reporting Processes and Extensible Business Reporting Language Xbrl

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Question 21

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How would the XBRL style sheets be different for financial analysts as compared to the Internal Revenue Service?

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Question 22

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Name five items that you think would be included in a digital dashboard for an organization that you are familiar with (church,sorority,local not-for-profit,etc. )Why are these critical business processes for them?

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Question 23

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Why would general economic information (GDP,interest rates,etc. )be included in a data warehouse? Would they be more helpful for some companies than for others?

XBRL is based on the XML language.

The steps in business intelligence include:

The SEC's rule titled "Interactive Data to Improve Financial Reporting" resulted in which of the following?

XBRL (eXtensible Business Reporting Language)is an open,global standard for exchanging financial reporting information.

XBRL allows highly disaggregated data so not only is it possible to know the level of sales,but it is possible to know sales revenue in much more detail.

Which of the following does not facilitate businessdecision-making activities?

Since both are regulators,the SEC and the IRS will likely have similar XBRL style sheets for the various XBRL filings.

Why is XBRL needed in the financial community? In your opinion,why did the Securities and Exchange Commission mandate its usage? What does it provide that was not available before XBRL

Which type of company does the Securities and Exchange Commission (SEC) require to format their financial statements using XBRL?

A collection of information gathered from an assortment of external and operational (i.e. ,internal) databases to facilitate reporting for decision making and business analysis is called:

A document containing XBRL elements is called a(n) :

XBRL instance documents describe each key data element (e.g. ,total assets,accounts,payable,net income,etc. ).

Why would competitor information be included in a data warehouse? How would it be used?

Why is assurance needed on XBRL data? Why will financial analysts need assurance that the XBRL data is correct? Support your answer.

Which of the following may be the result of data mining?

Why would the company want XBRL assurance if the IRS or SEC were going to be using its data?

Data mining may uncover relationships in which no causality should be implied.In these cases,which of the following phases would be most appropriate?