Question 1

Data Mining is a process of using sophisticated statistical techniques to extract and analyze data from large databases to discern patterns and trends that were not previously known.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following best describes the use of XBRL style sheets?

Accepted Answer

A)  Style sheets determine which elements may be used when companies submit their XBRL filing.
B)  Style sheets are another name for XBRL instance documents.
C)  Style sheets allow for presentation of selected data from XBRL documents in a way that humans can read.
D)  Style sheets determine the formatting of numbers and text in the XBRL taxonomy.

Question 3

In February 2009,the _____ passed the rule requiring all large domestic publicly traded firms to begin formatting their financial statements using XBRL.

Accepted Answer

A)  Financial Accounting Standards Board.
B)  International Accounting Standards Board.
C)  American Institute of Certified Public Accountants.
D)  Securities and Exchange Commission.

Question 4

A data warehouse may include:

Accepted Answer

A)  An XBRL style sheet
B)  General Economic Information
C)  A digital Dashboard
D)  Ciphertext

Question 5

Name five items that you think would be included in a digital dashboard for your university.Why are these critical business processes for them?

Accepted Answer

Answers will vary depending on the stude...

Question 6

XBRL produces standardized reports and is not customizable.

Accepted Answer

A) True 
 B)False

Question 7

In addition to finding statistical correlations,proper application of Data Mining techniques should include which of the following?

Accepted Answer

A)  Good use of the REA framework.
B)  Professional judgment.
C)  Use of the most current XBRL taxonomy.
D)  Digital dashboards.

Question 8

The stated advantages of XBRL GL include:

Accepted Answer

A)  Flexibility
B)  SEC approval
C)  Less costly
D)  Network Effects

Question 9

Ford may use business intelligence for all of the following except:

Accepted Answer

A)  Compare competitor vehicle sales to Ford vehicle sales.
B)  Review website activity.
C)  Prepare activity models using BPM.
D)  Analyze the correlation of gas prices to vehicle sales.

Question 10

Which of the following is the least likely example of how a specialized digital dashboard might be used?

Accepted Answer

A)  To track construction projects.
B)  To track network security.
C)  To track manufacturing operations.
D)  To track fixed asset depreciation.

Question 11

How would Apple Computer use a data mart in its marketing area? How does that help designers of the data warehouse know what to include?

Accepted Answer

Answers will vary! Designers of the data...

Question 12

How would XBRL GL facilitate the SEC-required XBRL submission of a company's regulatory filings?

Accepted Answer

Answers will vary! A potential...

Question 13

XBRL GL,or XBRL Global Ledger Taxonomy,is different from XBRL US GAAP because it facilitates:

Accepted Answer

A)  Efficient communication between the firm and financial analysts.
B)  Efficient communication within a firm.
C)  Efficient communication between the firm and its suppliers.
D)  Efficient communication between the firm and its customers.

Question 14

When using a Data Mining approach for business analysis,it is important to remember which of the following?

Accepted Answer

A)  All relationships between data items mean that one item has an impact on the other.
B)  Data patterns and trends must be obvious before we can consider them in the business decision making process.
C)  Relationships between data items do not necessarily mean that one causes the other.
D)  Data mining should be performed in the operational system,not the data warehouse.

Question 15

Bank loan officers and the IRS will likely have different XBRL style sheets for the various XBRL filings.

Accepted Answer

A) True 
 B)False

Question 16

How would XBRL GL be used for internal uses such as management accounting?

Accepted Answer

Answers will vary! A potential...

Question 17

XBRL serves as a means to electronically communicate business information to facilitate business reporting of financial and nonfinancial data to users.XBRL greatly enhances the speed and accuracy of business reporting.

Accepted Answer

A) True 
 B)False

Question 18

Data warehouses are often designed to facilitate decision making such as those often used in managerial accounting and facilitate management by exception,such as variance reports,trend reports,variance analysis reports,and reports that show actual performance are compared to budgeted information.

Accepted Answer

A) True 
 B)False

Question 19

XBRL style sheets take the instance documents and add presentation elements to make XBRL filings readable by humans.

Accepted Answer

A) True 
 B)False

Question 20

There is a different XBRL taxonomy for each country,including XBRL Australia,XBRL Canada,XBRL Germany,XBRL Japan,XBRL-Netherlands,XBRL-US,and XBRL-UK.What would happen if there were only one XBRL taxonomy for all countries?

Accepted Answer

Answers will vary! A potential solution ...

Exam 9: Reporting Processes and Extensible Business Reporting Language Xbrl

There is a different XBRL taxonomy for each country,including XBRL Australia,XBRL Canada,XBRL Germany,XBRL Japan,XBRL-Netherlands,XBRL-US,and XBRL-UK.What would happen if there were only one XBRL taxonomy for all countries?

Correct AnswerverifiedAnswers will vary! A potential solution ...View AnswerShow Answer

In addition to finding statistical correlations,proper application of Data Mining techniques should include which of the following?

Correct AnswerverifiedShow Answer

The stated advantages of XBRL GL include:

Correct AnswerverifiedShow Answer

XBRL serves as a means to electronically communicate business information to facilitate business reporting of financial and nonfinancial data to users.XBRL greatly enhances the speed and accuracy of business reporting.

Correct AnswerverifiedShow Answer

How would XBRL GL facilitate the SEC-required XBRL submission of a company's regulatory filings?

Correct AnswerverifiedAnswers will vary! A potential...View AnswerShow Answer

Data warehouses are often designed to facilitate decision making such as those often used in managerial accounting and facilitate management by exception,such as variance reports,trend reports,variance analysis reports,and reports that show actual performance are compared to budgeted information.

Correct AnswerverifiedShow Answer

Data Mining is a process of using sophisticated statistical techniques to extract and analyze data from large databases to discern patterns and trends that were not previously known.

Correct AnswerverifiedShow Answer

XBRL GL,or XBRL Global Ledger Taxonomy,is different from XBRL US GAAP because it facilitates:

Correct AnswerverifiedShow Answer

How would XBRL GL be used for internal uses such as management accounting?

Correct AnswerverifiedAnswers will vary! A potential...View AnswerShow Answer

How would Apple Computer use a data mart in its marketing area? How does that help designers of the data warehouse know what to include?

Correct AnswerverifiedAnswers will vary! Designers of the data...View AnswerShow Answer

Name five items that you think would be included in a digital dashboard for your university.Why are these critical business processes for them?

Correct AnswerverifiedAnswers will vary depending on the stude...View AnswerShow Answer

XBRL style sheets take the instance documents and add presentation elements to make XBRL filings readable by humans.

Correct AnswerverifiedShow Answer

A data warehouse may include:

Correct AnswerverifiedShow Answer

Which of the following is the least likely example of how a specialized digital dashboard might be used?

Correct AnswerverifiedShow Answer

In February 2009,the _____ passed the rule requiring all large domestic publicly traded firms to begin formatting their financial statements using XBRL.

Correct AnswerverifiedShow Answer

XBRL produces standardized reports and is not customizable.

Correct AnswerverifiedShow Answer

Which of the following best describes the use of XBRL style sheets?

Correct AnswerverifiedShow Answer

Bank loan officers and the IRS will likely have different XBRL style sheets for the various XBRL filings.

Correct AnswerverifiedShow Answer

When using a Data Mining approach for business analysis,it is important to remember which of the following?

Correct AnswerverifiedShow Answer

Ford may use business intelligence for all of the following except:

Correct AnswerverifiedShow Answer

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Answers will vary! Designers of the data...
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Answers will vary depending on the stude...
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