Which of the Following Statements Is False

question 12

Multiple Choice

Which of the following statements is false?

• A) Firms can make their own tags if they feel their financial data item does not fit within the existing framework.
• B) Sometimes very similar financial data items have unique tags, making direct comparisons between companies difficult.
• C) Detailed tagging of the numbers included in the footnotes is required.
• D) XBRL uses a taxonomy to help define and describe each key data element, but it is not capable of defining relationships between each element.

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Definitions:

Rivalry in Consumption

A situation where the consumption of a good or service by one individual reduces its availability for consumption by others.

Public Good

Offerings of goods or services to the whole society at no expense, facilitated by either the state or private entities, not pursuing profitability.

Public Good

Products or services supplied at no cost to all members of a community, by either governmental or private providers, without the goal of making a profit.

National Defense

Governmental and military actions, activities, and strategies aimed at protecting a country and its citizens from external threats and maintaining national security.