Question 1

What is the relationship between XBRL and XML?

Accepted Answer

XML is data about data,or metadata,specifying what different pieces of data are and their usage.XBRL is a variant of XML developed specifically for application in the business environment.It allows the use of XML standards in the production and reporting of financial information,allowing financial data to be searched and manipulated through the internet.XML allows programmes,when creating files,to label data with tags,which are a type of metadata,or data about data.The tags specify what each word,number,characters or group represents and thus reduce the need to manipulate data after they are initially entered,since the tags specify all that is needed to be known about each piece of data.XBRL takes every item that appears in a set of financial statements,including the discussion and analysis,and applies a tag to it.This tag can then be used to search,manipulate and sort data,similar to the way tags operate in XML.All current software can import,export and process data in XML format,and since XBRL is an XML vocabulary,the same is true for XBRL.

Question 2

Describe the relationship between taxonomy,schema,element,tag,and linkbase in terms of XBRL.

Accepted Answer

In relation to XBRL,a taxonomy is a XML schema and the set of linkbases that references it.Taxonomies are the dictionaries where we define each accounting item which can be tagged in XBRL.Taxonomies look at how the data is tagged.A taxonomy contains one or more schemas.A schema is formal description of the structure of a database;and for the description of other items.These schemas contain elements in them that defined according to the taxonomy.A taxonomy also contains linkbases which define the relationship between the different elements (such as the current assets and long term assets make up the assets selection).

Question 3

Currently,financial information is:

Accepted Answer

A) rarely presented on a web page using html standards 
B) often presented on a web page using html standards 
C) often presented on a web page using XBRL standards 
D) none of the options are correct 
A) rarely presented on a web page using html standards 
B) often presented on a web page using html standards 
C) often presented on a web page using XBRL standards 
D) none of the options are correct B

Question 4

Pinsker and Shaomin interviewed four businesses adopting XBRL in the United States,Germany,South Africa and Canada to look at what they perceived would be the result from implementing XBRL.They found:

Accepted Answer

A) the expected result was a reduction in costs,but the US company was more interested in strategic advantage 
B) the expected result was a reduction in costs,but the German company was more interested in strategic advantage 
C) the expected result was an increase in costs by the US company,whilst the Canadian company was more interested in creating a perception of being innovative 
D) the expected result was a reduction in costs by the US company,whilst the Canadian company was more interested in creating a perception of being innovative 
A) the expected result was a reduction in costs,but the US company was more interested in strategic advantage 
B) the expected result was a reduction in costs,but the German company was more interested in strategic advantage 
C) the expected result was an increase in costs by the US company,whilst the Canadian company was more interested in creating a perception of being innovative 
D) the expected result was a reduction in costs by the US company,whilst the Canadian company was more interested in creating a perception of being innovative

Question 5

The XBRL adopts a __________ approach.

Accepted Answer

A) unstructured 
B) semantic 
C) top-down 
D) bottom-up 
A) unstructured 
B) semantic 
C) top-down 
D) bottom-up

Question 6

Before XBRL,external users of financial information:

Accepted Answer

A) manipulated PDF documents to obtain the information they wanted 
B) used XML decoding tools to obtain the information they wanted 
C) had to identify and re-input data before undertaking financial analysis 
D) all of the options are correct 
A) manipulated PDF documents to obtain the information they wanted 
B) used XML decoding tools to obtain the information they wanted 
C) had to identify and re-input data before undertaking financial analysis 
D) all of the options are correct

Question 7

In relation to XBRL,a taxonomy is an XML __________ and the set of __________ that references it.

Accepted Answer

A) standard;linkbases 
B) schema;linkbases 
C) standard;tags 
D) schema;tags 
A) standard;linkbases 
B) schema;linkbases 
C) standard;tags 
D) schema;tags

Question 8

Regulatory authorities in ___________________ have various XBRL financial requirements?

Accepted Answer

A) Europe,Canada,Singapore,Japan,Korea and Malaysia 
B) Europe,Australia,Singapore,Japan,Korea and Canada 
C) Europe,Australia,Singapore,Japan,Korea and China 
D) none of the options are correct 
A) Europe,Canada,Singapore,Japan,Korea and Malaysia 
B) Europe,Australia,Singapore,Japan,Korea and Canada 
C) Europe,Australia,Singapore,Japan,Korea and China 
D) none of the options are correct

Question 9

In terms of XBRL,improved audit quality can occur as long as:

Accepted Answer

A) the taxonomy has correctly classified items of data at source. 
B) the XBRL document represents a true and fair view of the firm. 
C) any changes that are made to the tags are disallowed. 
D) the stock exchanges have XBRL filing as part of their filing requirements. 
A) the taxonomy has correctly classified items of data at source. 
B) the XBRL document represents a true and fair view of the firm. 
C) any changes that are made to the tags are disallowed. 
D) the stock exchanges have XBRL filing as part of their filing requirements.

Question 10

Corporate regulators worldwide are:

Accepted Answer

A) currently assessing whether to accept XBRL 
B) waiting to see if the SEC in the United States will allow XBRL 
C) gradually moving towards mandating XBRL for corporate filings and reporting 
D) none of the options are correct 
A) currently assessing whether to accept XBRL 
B) waiting to see if the SEC in the United States will allow XBRL 
C) gradually moving towards mandating XBRL for corporate filings and reporting 
D) none of the options are correct

Question 11

XBRL is based on:

Accepted Answer

A) HTML 
B) GML 
C) XML 
D) SGML 
A) HTML 
B) GML 
C) XML 
D) SGML

Question 12

The problem with publishing an annual report as an Adobe PDF is:

Accepted Answer

A) that not all computers are able to read Adobe PDF documents 
B) that the information is not secure and the figures can be altered 
C) that it is difficult for users to manipulate the information with any degree of efficiency 
D) none of the options are correct 
A) that not all computers are able to read Adobe PDF documents 
B) that the information is not secure and the figures can be altered 
C) that it is difficult for users to manipulate the information with any degree of efficiency 
D) none of the options are correct

Question 13

List and describe at least four benefits provided by XBRL.

Accepted Answer

Reduced data manipulation: the users of

Question 14

IFRS stands for:

Accepted Answer

A) International financial reporting structure. 
B) International financial reporting standards. 
C) International financial reporting schemes. 
D) International financial reporting system. 
A) International financial reporting structure. 
B) International financial reporting standards. 
C) International financial reporting schemes. 
D) International financial reporting system.

Question 15

Which of the following is more likely to be a tag in XML instead of HTML?

Accepted Answer

A) F1F1F10 B) C) D) A) F1F1F10 B) C) D)

Question 16

XBRL _________ incorporated into the vast majority of ERP systems,accounting packages and office software.

Accepted Answer

A) has yet to be 
B) has been 
C) is currently being 
D) will not be 
A) has yet to be 
B) has been 
C) is currently being 
D) will not be

Question 17

Discuss the benefits that XBRL can provide to external stakeholders.

Accepted Answer

- Because XBRL is extensible and flexibl

Question 18

Which of the following statements is correct?

Accepted Answer

A) Australia has mandated XBRL reporting from 2011 
B) The use of XBRL is compulsory for all publicly listed US companies 
C) The use of XBRL is compulsory for all publicly listed US and Canadian companies 
D) All of the options are correct 
A) Australia has mandated XBRL reporting from 2011 
B) The use of XBRL is compulsory for all publicly listed US companies 
C) The use of XBRL is compulsory for all publicly listed US and Canadian companies 
D) All of the options are correct

Question 19

______________ are the dictionaries that define each accounting item that can be tagged in XBRL.

Accepted Answer

A) Taxonomies 
B) Schemas 
C) Elements 
D) Data dictionaries 
A) Taxonomies 
B) Schemas 
C) Elements 
D) Data dictionaries

Question 20

When XBRL tagging is applied to a file containing data,the XBRL tagged document is called:

Accepted Answer

A) a defined linkbase 
B) a reference linkbase 
C) an instance document 
D) all of the options are correct 
A) a defined linkbase 
B) a reference linkbase 
C) an instance document 
D) all of the options are correct

What is the relationship between XBRL and XML?

Describe the relationship between taxonomy,schema,element,tag,and linkbase in terms of XBRL.

Currently,financial information is:

Pinsker and Shaomin interviewed four businesses adopting XBRL in the United States,Germany,South Africa and Canada to look at what they perceived would be the result from implementing XBRL.They found:

The XBRL adopts a __________ approach.

Before XBRL,external users of financial information:

In relation to XBRL,a taxonomy is an XML and the set of that references it.

Regulatory authorities in ___________________ have various XBRL financial requirements?

In terms of XBRL,improved audit quality can occur as long as:

Corporate regulators worldwide are:

XBRL is based on:

The problem with publishing an annual report as an Adobe PDF is:

List and describe at least four benefits provided by XBRL.

IFRS stands for:

Which of the following is more likely to be a tag in XML instead of HTML?

XBRL _________ incorporated into the vast majority of ERP systems,accounting packages and office software.

Discuss the benefits that XBRL can provide to external stakeholders.

Which of the following statements is correct?

______________ are the dictionaries that define each accounting item that can be tagged in XBRL.

When XBRL tagging is applied to a file containing data,the XBRL tagged document is called:

Systems Fundamentals

Systems Characteristics and Considerations

Database Concepts I

Database Concepts II

System Mapping and Documentation

Internal Controls I

Internal Controls II

Transaction Cycle The Revenue Cycle

Transaction Cycle The Expenditure Cycle

Transaction Cycle The Production Cycle

Transaction Cycle The HR Management and Payroll Cycle

Transaction Cycle The General Ledger and Financial Reporting Cycle

Systems Development

Auditing of Accounting Information Systems

Ethics, fraud and Computer Crime

Filters

Exam 5: XBRL Reporting

What is the relationship between XBRL and XML?

Describe the relationship between taxonomy,schema,element,tag,and linkbase in terms of XBRL.

Currently,financial information is:

Pinsker and Shaomin interviewed four businesses adopting XBRL in the United States,Germany,South Africa and Canada to look at what they perceived would be the result from implementing XBRL.They found:

The XBRL adopts a __________ approach.

Before XBRL,external users of financial information:

In relation to XBRL,a taxonomy is an XML __________ and the set of __________ that references it.

Regulatory authorities in ___________________ have various XBRL financial requirements?

In terms of XBRL,improved audit quality can occur as long as:

Corporate regulators worldwide are:

XBRL is based on:

The problem with publishing an annual report as an Adobe PDF is:

List and describe at least four benefits provided by XBRL.

IFRS stands for:

Which of the following is more likely to be a tag in XML instead of HTML?

XBRL _________ incorporated into the vast majority of ERP systems,accounting packages and office software.

Discuss the benefits that XBRL can provide to external stakeholders.

Which of the following statements is correct?

______________ are the dictionaries that define each accounting item that can be tagged in XBRL.

When XBRL tagging is applied to a file containing data,the XBRL tagged document is called:

Systems Fundamentals

Systems Characteristics and Considerations

Database Concepts I

Database Concepts II

System Mapping and Documentation

Internal Controls I

Internal Controls II

Transaction Cycle The Revenue Cycle

Transaction Cycle The Expenditure Cycle

Transaction Cycle The Production Cycle

Transaction Cycle The HR Management and Payroll Cycle

Transaction Cycle The General Ledger and Financial Reporting Cycle

Systems Development

Auditing of Accounting Information Systems

Ethics, fraud and Computer Crime

Filters

In relation to XBRL,a taxonomy is an XML and the set of that references it.