Multiple choice questions.
This series of questions deals with XBRL’s Global Ledger taxonomy. Before attempting to answer them, point your Web browser to www.xbrl.org. Locate the slide presentation on “Key Features of XBRL-GL.” Reference it as you respond to these questions.
1. XBRL-GL follows information:
a. From an initial transaction directly to financial reporting.
b. From operational systems to transaction recording.
c. From initial transaction through operational systems to reporting.
d. From a taxonomy to a namespace.
2. How does XBRL-GL relate to tax filings?
a. It provides supporting data to substantiate the filing.
b. It eliminates the need for tax software like Turbo Tax.
c. It ensures error-free tax reporting.
d. All of the above.
3. Operational systems that tie into an organization’s general ledger include all of the following except:
a. Project accounting.
b. View-driven AIS.
c. Accounts payable.
d. Fixed assets.
4. The URL gl.iphix.net presents:
a. The global ledger taxonomy specifications.
b. Instructions for extending the global ledger taxonomy.
c. A summary of how operational systems feed into the general ledger.
d. Material to help people learn more about XBRL-GL.
5. Which of the following statements is most true?
a. XBRL cannot be adapted for use in filing tax returns.
b. XBRL without XBRL-GL does not go deep enough to support tax audit processes.
c. XBRL-GL is unrelated to SOX and IFRS recordkeeping .
d. All of the above statements are true.