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:

Government Expenditures

The total amount spent by the government, including spending on goods, services, and public works, and transfer payments.

GDP Components

The parts that make up Gross Domestic Product, generally categorized as consumption, investment, government spending, and net exports.

GDP

Gross Domestic Product, the total monetary value of all final goods and services produced within a country's borders in a specific time period.

American Tourists

Individuals from the United States who travel to different countries or destinations for pleasure, leisure, or cultural experiences.