Multiple choice review questions. Please select the best answer for each question.
1. XBRL is:
a. A new GAAP standard that must be used for SEC filings.
b. A tool for labeling financial information and providing context for it.
c. Owned by the SEC.
d. All of the above.
2. As the term is used in XBRL, a namespace is:
a. A URL created by a company that wants to extend XBRL.
b. A dictionary for finding definitions of new XBRL terms.
c. Both a and b.
d. Neither a nor b.
3. Tagging software:
a. Is a requirement for using XBRL.
b. Removes the need for human judgment from XBRL coding.
c. Often functions as an add-on to other software.
d. All of the above.
4. Implementing XBRL entails some risks for organizations; internal controls are needed to address those risks. Which of the following correctly pairs a risk with an internal control that addresses it?
a. Hardware failure, disaster recovery plan
b. Compromised data, electronic tagging
c. Tagging errors, mandatory password changes
d. Software failure, internal audit review
5. In the SEC’s EDGAR database, documents that have been tagged with XBRL are labeled as:
a. Tagged data.
b. Contextualized data.
c. Taxonomies.
d. Interactive data.
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