Which of the Following Statements About XBRL Is False

question 128

Multiple Choice

Which of the following statements about XBRL is false?

• A)XBRL is only required for publicly traded companies.
• B)XBRL will decrease the need for manual financial information searches.
• C)The US is the first country to mandate use of XBRL.
• D)XBRL should decrease the time companies spend converting their financial information into various government-prescribed formats.

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Definitions:

Established Presence

A term indicating that a company or brand has a recognized and sustained position within a market or industry.

Countertrade

A method of trade where goods and services are exchanged for other goods and services instead of for money, often used in international transactions.

Civilian Procurement

The process by which governmental bodies or agencies purchase goods and services for non-military use from the private sector.

U.S. Firms

Companies or businesses that are headquartered, registered, or primarily operate in the United States.