your old friend bumble beasley just completed his account ing degree at dewey cheath 5152951

Your old friend, Bumble Beasley, just completed his account- ing degree at Dewey, Cheatham and Howe University. Although he studied XBRL in several of his accounting and information systems courses, he’s not really sure he has mastered the topic. In talking with you, Bumble made the following statements.Determine whether each one is true or not true.

      –       a.       b.   

XBRL is a new set of accounting principles that everyone must use, similar to the Interna- tional Financial Reporting Standards (IFRS).

      –       a.       b.   

The Securities and Exchange Commission encourages companies to use XBRL when they file forms like 10-K and 10-Q.

      –       a.       b.   

Different organizations may use different taxonomies depending on where they are located and what type of company they are.

      –       a.       b.   

If a taxonomy does not include an appropriate tag for a specific company, the company can- not use XBRL.

      –       a.       b.   

The risks associated with using XBRL must be mitigated with internal controls unique to XBRL; existing controls cannot be adapted for that purpose.

      –       a.       b.   

Since the tagging process is automated, most accounting professionals will never prepare an instance document manually.

      –       a.       b.   

XBRL should only be used by publicly traded corporations that must file with the SEC in its EDGAR database.

      –       a.       b.   

In the EDGAR database, instance documents are labeled “interactive data.”

      –       a.       b.   

An XBRL namespace is a file on a company’s main computer server; it cannot be accessed by people outside the company.

      –       a.       b.   

No relationship exists between XBRL and relational database concepts.

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