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:

Switching Costs

These are the costs that a consumer incurs as a result of changing from one product, service, or supplier to another, including financial, time, and effort expenses.

Excessive Distribution

Excessive distribution occurs when a product is over-distributed or available in too many locations, potentially diluting its brand value and leading to inefficiencies.

Situation Analysis

An assessment process to understand the internal and external factors influencing an organization's performance, as part of strategic planning.

Analysis

The process of examining data or information to understand it better, typically to draw conclusions or make decisions.