Lecture 6- Extensible business reporting language (XBRL)

Description

Highers Accounting and Finance (Year 2) (Business Information Systems) Quiz on Lecture 6- Extensible business reporting language (XBRL), created by George Mariyajohnson on 15/07/2020.
George Mariyajohnson
Quiz by George Mariyajohnson, updated more than 1 year ago
George Mariyajohnson
Created by George Mariyajohnson over 4 years ago
13
0

Resource summary

Question 1

Question
Internet financial reporting- Refers to the use of the [blank_start]internet[blank_end] as a [blank_start]communications medium[blank_end] by companies for their [blank_start]annual reports[blank_end] & other financial reporting [blank_start]information[blank_end]
Answer
  • internet
  • communications medium
  • annual reports
  • information

Question 2

Question
The key attributes of any standard for financial reporting is to ensure [blank_start]electronic files[blank_end] are [blank_start]easy[blank_end] to create, does not require [blank_start]significant investment[blank_end] & use [blank_start]proprietary[blank_end] hardware or software
Answer
  • electronic files
  • easy
  • significant investment
  • proprietary

Question 3

Question
Mark-up language- A programming [blank_start]language[blank_end] using [blank_start]tags[blank_end] to [blank_start]signify[blank_end] how text should be [blank_start]displayed[blank_end]
Answer
  • language
  • tags
  • signify
  • displayed

Question 4

Question
Taxonomy- A [blank_start]method[blank_end] of [blank_start]classifying items[blank_end] which have [blank_start]shared[blank_end] characteristics into [blank_start]groups[blank_end]
Answer
  • method
  • classifying items
  • shared
  • groups

Question 5

Question
The main difference between XBRL & iXBRL is that iXBRL contains [blank_start]various formatting[blank_end] instructions to allow [blank_start]humans[blank_end] to [blank_start]read[blank_end] the file
Answer
  • various formatting
  • humans
  • read

Question 6

Question
The <> tag [blank_start]signifies[blank_end] where a tag [blank_start]begins[blank_end] & the </> tag [blank_start]signifies[blank_end] where a tag [blank_start]ends[blank_end]
Answer
  • signifies
  • begins
  • signifies
  • ends

Question 7

Question
Financial reporting data commonly required by many bodies such as [blank_start]managers[blank_end], investors, [blank_start]suppliers[blank_end], customers & [blank_start]regulatory bodies[blank_end], such as [blank_start]tax[blank_end] authorities. Public organisations are legally required to publish such [blank_start]financial information[blank_end]
Answer
  • managers
  • suppliers
  • regulatory bodies
  • tax
  • financial information

Question 8

Question
Lack of standard method of transmitting financial reporting data leads to [blank_start]source[blank_end] of [blank_start]errors[blank_end] if data is [blank_start]duplicated[blank_end], manually [blank_start]re-entered[blank_end]. Solution to such problems is [blank_start]eXtensible Business Reporting Language[blank_end] (XBRL)
Answer
  • source
  • errors
  • duplicated
  • re-entered
  • eXtensible Business Reporting Language

Question 9

Question
Three main approaches to internet financial reporting are [blank_start]static reporting[blank_end], [blank_start]interactive reporting[blank_end] & [blank_start]interactive reporting[blank_end] with [blank_start]data analysis[blank_end]
Answer
  • static reporting
  • interactive reporting
  • interactive reporting
  • data analysis

Question 10

Question
Static reporting- Use of [blank_start]electronic[blank_end] format of [blank_start]paper-based[blank_end] annual report & accounts. It's easier to [blank_start]distribute[blank_end] to wider audience. [blank_start]PDF[blank_end] allows some degree of [blank_start]interaction[blank_end], making it less [blank_start]static[blank_end]
Answer
  • electronic
  • paper-based
  • distribute
  • PDF
  • interaction
  • static

Question 11

Question
Interactive reporting- [blank_start]Interactive[blank_end] menus enable selection of [blank_start]particular[blank_end] financial information from [blank_start]report[blank_end]. Users can [blank_start]build[blank_end] their own [blank_start]PDF[blank_end] based on selection
Answer
  • Interactive
  • particular
  • report
  • build
  • PDF

Question 12

Question
Interactive reporting with data analysis- Simple [blank_start]analytical[blank_end] tasks possible without [blank_start]human intervention[blank_end]. It's less [blank_start]prone[blank_end] to human [blank_start]error[blank_end] when doing it [blank_start]manually[blank_end]. No data [blank_start]conversion[blank_end] necessary at recipients for [blank_start]data[blank_end] from different sources
Answer
  • analytical
  • human intervention
  • prone
  • error
  • manually
  • conversion
  • data

Question 13

Question
Two major problems in using different methods to publish annual reports online are: data would need to be [blank_start]converted[blank_end] to [blank_start]common[blank_end] format & users of [blank_start]accounting data[blank_end] such as government agencies will have [blank_start]difficulties[blank_end] managing & [blank_start]analysing[blank_end] data from diverse sources
Answer
  • converted
  • common
  • accounting data
  • difficulties
  • analysing

Question 14

Question
Possible solution for problems of using different methods to publish annual reports online is to create an [blank_start]interface[blank_end] between systems so that [blank_start]data[blank_end] can be transmitted [blank_start]electronically[blank_end] (however this will be [blank_start]costly[blank_end] & [blank_start]time-consuming[blank_end])
Answer
  • interface
  • data
  • electronically
  • costly
  • time-consuming

Question 15

Question
Hypertext Mark-up Language (HTML)- Use [blank_start]pre-defined[blank_end] tags to determine how [blank_start]text[blank_end] appears on [blank_start]web page[blank_end] (not [blank_start]interactive[blank_end])
Answer
  • pre-defined
  • text
  • web page
  • interactive

Question 16

Question
Extensible Mark-up Language (XML)- Use [blank_start]tags[blank_end] & [blank_start]attributes[blank_end] that can be defined by [blank_start]user[blank_end] to make it [blank_start]machine-readable[blank_end]. It's a language understood by [blank_start]computers[blank_end], as is used to [blank_start]transmit[blank_end] data
Answer
  • tags
  • attributes
  • user
  • machine-readable
  • computers
  • transmit

Question 17

Question
Benefit of XML is its [blank_start]speed[blank_end] in storing, [blank_start]publishing[blank_end] & exchanging electronic documents. Also, tags can be [blank_start]joined[blank_end] so varied other pieces of [blank_start]information[blank_end] can be added
Answer
  • speed
  • publishing
  • joined
  • information

Question 18

Question
Essential features of XBRL include: communications [blank_start]standard[blank_end] that does not [blank_start]execute[blank_end], but [blank_start]represent[blank_end], independent of any [blank_start]proprietary[blank_end] hardware (& software [blank_start]platforms[blank_end]) & ensures [blank_start]electronic[blank_end] transmission of financial reporting data with little or no [blank_start]human[blank_end] intervention
Answer
  • standard
  • execute
  • represent
  • proprietary
  • platforms
  • electronic
  • human

Question 19

Question
In XBRL tag names & value arguments are [blank_start]agreed[blank_end] & [blank_start]classified[blank_end] to dis/aggregate data ([blank_start]taxonomy[blank_end]). Classification is based on [blank_start]similarities[blank_end] between data items (e.g. assets, liabilities & equity) & [blank_start]items[blank_end] in financial reports such as income statement & statement of financial position
Answer
  • agreed
  • classified
  • taxonomy
  • similarities
  • items

Question 20

Question
Benefits of XBRL include: [blank_start]increased[blank_end] data quality, [blank_start]elimination[blank_end] of duplicated data, [blank_start]increased speed[blank_end] of processing, [blank_start]streamlined[blank_end] reporting processes, [blank_start]automated[blank_end] data handling, reduced [blank_start]compliance[blank_end] costs, reduced [blank_start]regulatory[blank_end] burden, [blank_start]one-time filing[blank_end], reduced [blank_start]operating[blank_end] cost, reduced cost of [blank_start]reporting[blank_end], enhanced [blank_start]competitive advantage[blank_end], reduced [blank_start]audit[blank_end] costs & reduced [blank_start]risks[blank_end] due to [blank_start]increased[blank_end] data integrity
Answer
  • increased
  • elimination
  • increased speed
  • streamlined
  • automated
  • compliance
  • regulatory
  • one-time filing
  • operating
  • reporting
  • competitive advantage
  • audit
  • risks
  • increased

Question 21

Question
Inline XBRL (iXBRL)- XBRL with [blank_start]additional[blank_end] formatting to create [blank_start]human-readable[blank_end] document. Therefore, it's able to overcome need to produce both [blank_start]machine[blank_end] & [blank_start]human-readable[blank_end] financial reporting information. Using iXBRL, in principle [blank_start]only one[blank_end] file is needed to satisfy all [blank_start]users[blank_end] of financial reporting data
Answer
  • additional
  • human-readable
  • machine
  • human-readable
  • only one
  • users

Question 22

Question
iXBRL is achieved by ‘[blank_start]outsourcing[blank_end]’ formatting information from [blank_start]actual code[blank_end] by only linking to [blank_start]CSS (Cascading Style Sheets)[blank_end] file. [blank_start]CSS[blank_end] represents [blank_start]presentation[blank_end] semantics (format, look)
Answer
  • outsourcing
  • actual code
  • CSS (Cascading Style Sheets)
  • CSS
  • presentation

Question 23

Question
Some regulatory authorities are requiring use of [blank_start]iXBRL[blank_end] rather than [blank_start]normal XBRL[blank_end]. Most companies prepare & publish annual reports using [blank_start]graphics[blank_end] & [blank_start]pictures[blank_end] & may continue to provide [blank_start]PDF formats[blank_end] of their annual reports. As more regulators require [blank_start]iXBRL[blank_end], companies will most likely publish their financial statements & annual reports as [blank_start]web pages[blank_end] only
Answer
  • iXBRL
  • normal XBRL
  • graphics
  • pictures
  • PDF formats
  • iXBRL
  • web pages

Question 24

Question
Two uses of iXBRL are [blank_start]regulatory filing[blank_end] & [blank_start]integrating[blank_end] non-compatible accounting [blank_start]systems[blank_end]
Answer
  • regulatory filing
  • integrating
  • systems

Question 25

Question
(i)XBRL can be used to [blank_start]communicate[blank_end] financial reporting information to any [blank_start]party[blank_end] adopting standard ([blank_start]internal[blank_end] & [blank_start]external[blank_end]). Basis for [blank_start]integrating[blank_end] data that comes from all kinds of sources (suppliers, customers), no matter their [blank_start]size[blank_end]
Answer
  • communicate
  • party
  • internal
  • external
  • integrating
  • size

Question 26

Question
Global Ledger Taxonomy (GLT) may assist companies with different [blank_start]internal[blank_end] accounting systems. It provides [blank_start]system-independent[blank_end] way for users to communicate any [blank_start]information[blank_end] typically found in [blank_start]chart of accounts[blank_end] or actual accounting transactions
Answer
  • internal
  • system-independent
  • information
  • chart of accounts

Question 27

Question
Any accounting software with an [blank_start]instance document[blank_end] (contains taxonomy and data) can create an [blank_start]XBRL[blank_end] document
Answer
  • instance document
  • XBRL

Question 28

Question
SAP (for larger businesses) uses its [blank_start]Business Objects[blank_end] reporting tool to create XBRL files according to [blank_start]SEC[blank_end] & [blank_start]HMRC[blank_end] regulations. Also, SAP allows [blank_start]customised XBRL[blank_end] files by extending standard [blank_start]taxonomies[blank_end]
Answer
  • Business Objects
  • SEC
  • HMRC
  • customised XBRL
  • taxonomies
Show full summary Hide full summary

Similar

Photosynthesis and Respiration Quiz
Selam H
Causes of the Cold War Quiz
Fro Ninja
Work, Energy & Power: Quiz
alex.examtime9373
AQA GCSE Biology genetic variation
Olivia Phillips
enzymes and the organ system
Nour
A-Level History: Nazi Germany
cian.buckley+1
Biology Unit 1
hannahsanderson1
Maths GCSE - What to revise!
sallen
AQA Biology 8.1 structure of DNA
Charlotte Hewson
A View from the Bridge
Mrs Peacock
Edexcel Additional Science Biology Topic 2- Life Processes
hchen8nrd