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Data Analytics for Accounting 1st Edition by Vernon Richardson - Test Bank
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,Data Analytics for Accounting, 1e (Richardson)Chapter 1 Data Analytics in Accounting and Business
1) Data analytics is the process of evaluating data with the purpose of drawing conclusions to
address business questions.
Answer: TRUE
Difficulty: 1 Easy
Topic: Define Data Analytics
Learning Objective: 01-01 Define Data Analytics.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Industry; FN Decision Making
2) The process of data analytics aims to transform raw information into data to create value.
Answer: FALSE
Difficulty: 1 Easy
Topic: Define Data Analytics
Learning Objective: 01-01 Define Data Analytics.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Industry; FN Decision Making
3) Data analytics has the potential to transform the manner in which companies run their
businesses; however, it is not practical in the near future.
Answer: FALSE
Difficulty: 1 Easy
Topic: How Data Analytics Affects Business
Learning Objective: 01-02 Understand why Data Analytics matters to business.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Industry; FN Decision Making
4) Auditors can use social media to hear what customers are saying about a company and
compare this to inventory obsolescence and other estimates.
Answer: TRUE
Difficulty: 2 Medium
Topic: Financial Reporting
Learning Objective: 01-03 Explain why Data Analytics matters to accountants.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Industry; FN Decision Making
1
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
,5) Data analytics allows auditors to glean insights that are beneficial to the client, without
breaching independence.
Answer: TRUE
Difficulty: 2 Medium
Topic: Auditing
Learning Objective: 01-03 Explain why Data Analytics matters to accountants.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Industry; FN Decision Making
6) The predictive analytics is an important aspect of data analytics for auditors, but is not
applicable for tax accountants.
Answer: FALSE
Difficulty: 1 Easy
Topic: Tax
Learning Objective: 01-03 Explain why Data Analytics matters to accountants.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Industry; FN Decision Making
7) The I in IMPACT Cycle represents Identify the Question.
Answer: TRUE
Difficulty: 2 Medium
Topic: The Data Analytics Process Using the Impact Cycle
Learning Objective: 01-04 Describe the Data Analytics Process Using the IMPACT Cycle.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Industry; FN Decision Making
8) The M in IMPACT Cycle represents Master the Data.
Answer: TRUE
Difficulty: 2 Medium
Topic: The Data Analytics Process Using the Impact Cycle
Learning Objective: 01-04 Describe the Data Analytics Process Using the IMPACT Cycle.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Industry; FN Decision Making
2
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
, 9) The P in IMPACT Cycle represents Predict the Results.
Answer: FALSE
Difficulty: 2 Medium
Topic: The Data Analytics Process Using the Impact Cycle
Learning Objective: 01-04 Describe the Data Analytics Process Using the IMPACT Cycle.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Industry; FN Decision Making
10) The A in IMPACT Cycle represents Analyze the Data.
Answer: FALSE
Difficulty: 2 Medium
Topic: The Data Analytics Process Using the Impact Cycle
Learning Objective: 01-04 Describe the Data Analytics Process Using the IMPACT Cycle.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Industry; FN Decision Making
11) The C in IMPACT Cycle represents Continuously Track.
Answer: FALSE
Difficulty: 2 Medium
Topic: The Data Analytics Process Using the Impact Cycle
Learning Objective: 01-04 Describe the Data Analytics Process Using the IMPACT Cycle.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Industry; FN Decision Making
12) The T in IMPACT Cycle represents Track Outcomes.
Answer: TRUE
Difficulty: 2 Medium
Topic: The Data Analytics Process Using the Impact Cycle
Learning Objective: 01-04 Describe the Data Analytics Process Using the IMPACT Cycle.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Industry; FN Decision Making
3
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
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