Which of the Following Statements Is Not True Regarding XBRL

question 22

Multiple Choice

Which of the following statements is not true regarding XBRL?

• A)XBRL is a variant of XML.
• B)XBRL is specifically designed for use in communicating the content of financial data.
• C)XBRL creates unique tags for each data item.
• D)XBRL's adoption will require accountants and systems professionals tag data for their clients.

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Definitions:

Economic Growth

A rise in the output of products and services within an economy over a certain duration, typically assessed through the Gross Domestic Product (GDP).

Free Trade

The absence of tariffs, quotas, or other governmental restrictions on international trade, allowing goods and services to move freely across borders.

Developing Countries

Nations with a lower level of industrialization, lower income per capita, and usually lower standards of living, often working towards more advanced social and economic status.

Economic Openness

The extent to which a country allows for the free flow of goods, services, and capital across its borders.