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:

Installments

Payments divided into smaller, manageable parts over a set period, allowing for the purchase of goods or repayment of loans.

Truth in Lending Act

A U.S. federal law designed to promote informed use of consumer credit by requiring disclosures about its terms and cost.

Discretion

The quality of behaving or speaking in such a way as to avoid causing offense or revealing confidential information.

Certified Check

A payer’s check written and signed by the payer, which is stamped “certified” by the bank. The bank has already drawn money from the payer’s account to guarantee that the check will be paid.