Concerning XBRL, which of the following statements is not true?
A) XBRL is a variant of XML.
B) XBRL is specifically designed for use in communicating the content of financial data.
C) XBRL creates unique tags for each data item.
D) XBRL's adoption will require accountants and systems professionals tag data for their clients.
Answer: D) XBRL's adoption will require accountants and systems professionals tag data for their clients.
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On October 1, 2017, Tile Co., a U.S. company, purchased products from Azulejo, a Portuguese company, with payment due on December 1, 2017. If Tile's 2017 operating income included no foreign exchange gain or loss, the transaction could have
A. Been denominated in U.S. dollars. B. Resulted in an unusual gain. C. Generated a foreign exchange gain to be reported as a deferred charge on the balance sheet. D. Generated a foreign exchange loss to be reported as a separate component of stockholders' equity.
The performance standards of a profession are established by outside accreditation agencies
Indicate whether this statement is true or false.