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Question 2 XBRL is all about the following except A. Electronic tagging of Data B. Modeling...

Question 2

XBRL is all about the following except

A. Electronic tagging of Data

B. Modeling business information in a form understandable by a computer application

C. XML vocabulary for business operations and financial reporting

D. A language that produces a different format for different users

Question 3

Extract and Trim Features

A. Keeps the null values

B. Align the financial statement of the two companies side by side

C. Facilitates the financial ratios calculation of the two companies

D. Does all of the above

E. Does none of the above

Question 4

XBRL taxonomies are

A. The concept in the instant documents

B. The concept and their relationships in the balance sheet

C. Dictionaries of agreed-upon terms to represent accounting and financial reporting concepts

D. All of the above

Expert Solution

Answer to Question 2.

XBRL is all about the following except:

D. A language that produces a different format for different users

XBRL, or eXtensible Business Reporting Language, is an XML standard for tagging business and financial reports to increase the transparency and accessibility of business information by using a uniform format

Answer to Question 3.

Extract and Trim Features

E. Does none of the above

Answer to Question 4.

XBRL taxonomies are.

D. All of the above

XBRL taxonomies are the key components of any electronic financial or business reporting system. An XBRL taxonomy is the formal definition of a financial or business reporting vocabulary for a given jurisdiction or reporting domain, imparting meaning to the concepts which describe the facts being reported and providing a framework within which reports are structured. It defines, the “contract” between reporter and regulator.

ekkarill92 answered 1 year ago

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