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DataAnalyticsforAccounting,1e(Richardson)
Chapter8UsingFinancialStatementData
1)Artificialintelligence,machinelearning,andsentimentanalysisarethreemethodsusedtoanalyzepubliclytradedcompaniesonNasdaqandtheNYSEtogaininsightandtrackcompanies'businessandfinancialoperations.
2)Dataanalyticscanhelppredictacompany'srevenue,earnings,andcashflow.
3)XBRLisaglobalstandardforinternetcommunicationmostlyamongdaytraders.
4)TheSecuritiesandExchangeCommissionmandatesallpubliclytradedcompaniesfilefinancialstatementspreparedinaccordancewithU.S.GAAP.
5)XBRLstandsforeXtensibleBusinessReportingLinguistic.
6)ThetwotypesofstandardizedfinancialaccountingareIFRSandU.S.GAAP.
7)InfilingitsfinancialstatementswiththeSEC,acompanymusttagfivebasicfinancialstatements,whichincludeabalancesheet,incomestatement,statementofcomprehensiveincome,statementofcashflowsandstatementofstockholder'sequity.
8)Whenreportingfinancialstatements,detailedtaggingofthenumbersincludedinthefootnotesbyuseofXBRLtagsisalsorequired.
9)TheXBRLtaxonomyhelpsdefineanddescribeeachkeydataelement(suchascashoremployeespending).
10)Definingover19,000elements,the2017USGAAPFinancialReportingTaxonomytagsuniquefinancialdatatoacomponentwithinthetaxonomy.
11)TheXBRLtagforcashislabeledCashandisdefinedasfollows:Amountofcurrencyonhandaswellasdemanddepositswithbanksorfinancialinstitutions.
12)Theuseoftagsallowsdatatobeslowlytransmittedandreceivedanditservesasaninputintofinancialanalystsvaluingacompany.Italsocontributestoanauditorfindingareaswhereanerrormightoccur,orregulatorsverifyingiffirmsareincompliancewithvariousregulationsandlaws(likeSECorIRS).
13)SometimesoutsidedatavendorscreatestandardizedmetricstomakethecompanyreportedXBRLdatamorecomparable.
14)ManyfinancialreportingsystemswithinenterprisesystemshavegeneralledgersthatareconsistentwithXBRLcalledXBRL-GL.
15)OncenumbersareinputintoafinancialsystemusingXBRL-GL,theyarealreadytaggedandabletobetransmittedonthenextdayofbusinesstointerestedusers.
16)Informationsuchasgoodwillorlong-termdebtwilllikelychangeonaminute-by-minutebasisinreal-timefinancialreporting.
17)Financialstatementanalysisisusedbyinvestors,analysts,auditorsandotherinterestedstakeholderstoreviewandevaluateacompany'sfinancialstatementsandfinancialperformance.
18)Amajorcomponentoffinancialstatementanalysisistheuseofratioanalysis.
19)Ratioanalysisisatoolusedtoevaluaterelationshipsamongdifferentfinancialstatementitemstohelpunderstandacompany'sfinancialandoperatingperformance.
20)Therearebasicallyfourtypesofratios:Liquidity,activity,solvency(orfinancing)andprofitabilityratios.
21)XBRLstandsfor________andisatypeof________.
A)eXtendedBusinessReportingLanguage;HTML
B)eXtendedBusinessReportingLanguage;XML
C)eXtensibleBusinessReportingLanguage;XML
D)eXtensibleBusinessReportingLanguage;HTML
22)XBRLisusedfor________and________financialelements.
A)organizing;defining
B)organizing;determining
C)obscuring;defining
D)obscuring;determining
23)TheSecuritiesandExchangeCommissionrequiresallpubliccompanyfilerstouseXBRLtagginginallofthefollowingfinancialstatementsexcept:
A)BalanceSheet
B)StatementofComprehensiveIncome
C)StatementofCashFlows
D)StatementofChangesinWorkingCapital
24)XBRLusesa________tohelpdescribeeachkeydataelement.
A)taxonomy
B)datadictionary
C)schema
D)terminology
25)WhichofthefollowingisnotatypeoftaggingwithXBRL?
A)years
B)figures
C)hieroglyphs
D)text
26)Accordingtotheauthors,theuseoftagsallowsdatatobequickly________.
A)cleanedandprepared
B)transformedandreceived
C)sortedandreconfigured
D)transmittedandreceived
27)Theauthorsdiscussallofthefollowingwaysinwhichtagscanserveasaninputexcept:
A)regulatorsseeingifauditfirmsareincompliancewithvariousregulationsandlaws.
B)regulatorsseeingifcompaniesareincompliancewithvariousregulationsandlaws.
C)financialanalystsvaluingacompany.
D)anauditorfindingareaswhereanerrormightoccur.
28)Whichofthefollowingstatementsisfalse?
A)Firmscanmaketheirowntagsiftheyfeeltheirfinancialdataitemdoesnotfitwithintheexistingframework.
B)Sometimesverysimilarfinancialdataitemshaveuniquetags,makingdirectcomparisonsbetweencompaniesdifficult.
C)Detailedtaggingofthenumbersincludedinthefootnotesisrequired.
D)XBRLusesataxonomytohelpdefineanddescribeeachkeydataelement,butitisnotcapableofdefiningrelationshipsbetweeneachelement.
29)UsingthetablebelowcomputeprofitmarginforQ3,2011forDuPont(Ticker=DD).
ticker
year
period
revenue
costofrevenue
assets
equity
DD
2010
Y
$
28,899,000,000
$
20,574,000,000
$
40,410,000,000
$
9,800,000,000
DD
2011
Q1
10,059,000,000
6,831,000,000
42,600,000,000
11,279,000,000
DD
2011
Q2
10,493,000,000
7,191,000,000
47,736,000,000
12,502,000,000
DD
2011
Q3
8,303,000,000
6,345,000,000
47,794,000,000
12,024,000,000
DD
2011
Y
34,423,000,000
21,264,000,000
48,643,000,000
9,208,000,000
DD
2012
Q1
$
10,194,000,000
$
6,816,000,000
$
50,223,000,000
$
10,427,000,000
A)22.0%
B)31.5%
C)30.9%
D)23.6%
30)UsingthetablebelowcomputeoperatingleverageforQ3,2011forDuPont(Ticker=DD).
ticker
year
period
revenue
costofrevenue
assets
equity
DD
2010
Y
$
28,899,000,000
$
20,574,000,000
$
40,410,000,000
$
9,800,000,000
DD
2011
Q1
10,059,000,000
6,831,000,000
42,600,000,000
11,279,000,000
DD
2011
Q2
10,493,000,000
7,191,000,000
47,736,000,000
12,502,000,000
DD
2011
Q3
8,303,000,000
6,345,000,000
47,794,000,000
12,024,000,000
DD
2011
Y
34,423,000,000
21,264,000,000
48,643,000,000
9,208,000,000
DD
2012
Q1
$
10,194,000,000
$
6,816,000,000
$
50,223,000,000
$
10,427,000,000
A)13.3%
B)17.4%
C)25.2%
D)52.8%
31)UsingthetablebelowcomputeROEforQ3,2011forDuPont(Ticker=DD).
ticker
year
period
revenue
costofrevenue
assets
equity
DD
2010
Y
$
28,899,000,000
$
20,574,000,000
$
40,410,000,000
$
9,800,000,000
DD
2011
Q1
10,059,000,000
6,831,000,000
42,600,000,000
11,279,000,000
DD
2011
Q2
10,493,000,000
7,191,000,000
47,736,000,000
12,502,000,000
DD
2011
Q3
8,303,000,000
6,345,000,000
47,794,000,000
12,024,000,000
DD
2011
Y
34,423,000,000
21,264,000,000
48,643,000,000
9,208,000,000
DD
2012
Q1
$
10,194,000,000
$
6,816,000,000
$
50,223,000,000
$
10,427,000,000
A)12.4%
B)16.3%
C)21.3%
D)26.6%
32)UsingthetablebelowcomputeROEfor2011year-endforDuPont(Ticker=DD).
ticker
year
period
revenue
costofrevenue
assets
equity
DD
2010
Y
$
28,899,000,000
$
20,574,000,000
$
40,410,000,000
$
9,800,000,000
DD
2011
Q1
10,059,000,000
6,831,000,000
42,600,000,000
11,279,000,000
DD
2011
Q2
10,493,000,000
7,191,000,000
47,736,000,000
12,502,000,000
DD
2011
Q3
8,303,000,000
6,345,000,000
47,794,000,000
12,024,000,000
DD
2011
Y
34,423,000,000
21,264,000,000
48,643,000,000
9,208,000,000
DD
2012
Q1
$
10,194,000,000
$
6,816,000,000
$
50,223,000,000
$
10,427,000,000
A)149.2%
B)70.8%
C)84.9%
D)142.9%
33)Accordingtothetext,researchfindsthatastheuseof________wordsinthe10-k________thestockmarketreacts________.
A)negative;decreases;negatively
B)negative;increases;negatively
C)positive;increases;negatively
D)positive;decreases;positively
34)Sparklinesaregenerally________andshow________trends.
A)small;similar
B)large;simple
C)small;simple
D)large;similar
35)Withregardtosparklines,whichofthefollowingstatementsisfalse?
A)Sparklinescanallowfinancialstatementuserstoeasilyseethedatavisuallyandgivemeaningtotheunderlyingfinancialdata.
B)Sparklinescanbeaddedtoadigitaldashboardthatalreadyhasmanychartsanddials,withoutclutteringuptheoverallappearanceofadashboard.
C)Sparklinescan,generally,fitinasinglecellwithinaspreadsheet.
D)Sparklinescaneasilyaddtothedatawithoutdetractingfromthetabularresults.
36)Liquidityratiosmeasure________.
A)afirm'sabilitytopayshort-termobligationsusingcurrentassets
B)afirm'soperatingefficiency
C)afirm'sabilitytopaytheirdebtsandstayinbusiness
D)afirm'sabilitytogenerateearningsrelativeexpenses
37)Activityratiosmeasure________.
A)afirm'sabilitytopayshort-termobligationsusingcurrentassets
B)afirm'soperatingefficiency
C)afirm'sabilitytopaytheirdebtsandstayinbusiness
D)afirm'sabilitytogenerateearningsrelativeexpenses
38)Profitabilityratiosmeasure________.
A)afirm'sabilitytopayshort-termobligationsusingcurrentassets
B)afirm'soperatingefficiency
C)afirm'sabilitytopaytheirdebtsandstayinbusiness
D)afirm'sabilitytogenerateearningsrelativeexpenses
39)Solvencyratiosmeasure________.
A)afirm'sabilitytopayshort-termobligationsusingcurrentassets
B)afirm'soperatingefficiency
C)afirm'sabilitytopaytheirdebtsandstayinbusiness
D)afirm'sabilitytogenerateearningsrelativeexpenses
40)Profitmarginisanexampleofwhichtypeofratio?
A)solvencyratio
B)profitabilityratio
C)liquidityratio
D)activityratio
41)Returnonassetsisanexampleofwhichtypeofratio?
A)solvencyratio
B)profitabilityratio
C)liquidityratio
D)activityratio
42)Returnonequityisanexampleofwhichtypeofratio?
A)solvencyratio
B)profitabilityratio
C)liquidityratio
D)activityratio
43)Long-termdebttoequityratiosareexampl
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