Your old friend, Bumble Beasley, just completed his account$-$ ing degree at Dewey, Cheatham and Howe University. Although he studied XBRL in several of his accounting and information systems courses, he$$s not really sure he has mastered the topic. In talking with you, Bumble made the following statements:

$4.$ If a taxonomy does not include an appropriate tag for a specific company, the company can$-$ not use XBRL$.$

$5.$ The risks associated with using XBRL must be mitigated with internal controls unique to XBRL; existing controls cannot be adapted for that purpose.

$6.$ Since the tagging process is automated, most accounting professionals will never prepare an instance document manually.

$7.$ XBRL should only be used by publicly traded corporations that must file with the SEC in its EDGAR database.

$8.$ In the EDGAR database, instance documents are labeled $$interactive data.$$

Consider each of Bumble$$s statements. Determine whether each one is true; for those that are not true, indicate why.