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.

---

Definitions:

Subrogation

The process by which one party takes over the rights of another party, typically in the context of insurance claims.

Double Recovery

The act of obtaining compensation from two different sources for the same injury, loss, or damages, which is legally prohibited.

Third Parties

Individuals or entities that are not directly involved in a two-party agreement or transaction but may be affected by it or have interests in its outcome.

Co-insurance Clause

A provision in an insurance policy requiring the policyholder to bear a portion of the losses to the extent of a specified percentage.