Test Bank for Introduction to Data Analytics for Accounting, 2nd Edition by Vernon Richardson|newest version 2024|2025 A+.Test Bank for Introduction to Data Analytics for Accounting, 2nd Edition by Vernon Richardson|newest version 2024|2025 A+.Test Bank for Introduction to Data Analytics for Acco...
,Data Analytics for Accounting 2nd Edition by Richardson
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ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
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TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
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1) Data analytics is the process of evaluating data with the purpose of drawing conclusions
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to address business questions.
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⊚ true
⊚ false
2) The process of data analytics aims to transform raw information into data to create value.
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⊚ true
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3) Data analytics has the potential to transform the manner in which companies run their
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businesses, however it is not practical in the near future.
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⊚ true
⊚ false
4) Auditors can use social media to hear what customers are saying about a company and
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compare this to inventory obsolescence and other estimates.
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⊚ true
⊚ false
5) Data analytics allows auditors to glean insights that are beneficial to the client, without
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breeching independence.
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⊚ true
⊚ false
6) The predictive analytics is an important aspect of data analytics for auditors, but is not
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applicable for tax accountants.
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⊚ true
⊚ false
7) The I in IMPACT Cycle represents Identify the Question.
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Richardson ki
Data Analytics for Accounting 2nd Edition by Richardson
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⊚ true
⊚ false
8) The M in IMPACT Cycle represents Master the Data.
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⊚ true
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9) The P in IMPACT Cycle represents Predict the Results.
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⊚ true
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10) The A in IMPACT Cycle represents Analyze the Data.
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⊚ true
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11) The C in IMPACT Cycle represents Continuously Track.
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⊚ true
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12) The T in IMPACT Cycle represents Track Outcomes.
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13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new
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questions are identified.
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⊚ true
⊚ false
14) Data analytics professionals estimate that they spend between 25 percent and 70 percent
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of their time cleaning data so it can be analyzed.
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⊚ true
⊚ false
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Data Analytics for Accounting 2nd Edition by Richardson
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15) Data analysis through data manipulation is performing basic analysis to understand the
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quality of the underlying data and its ability to address the business question.
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⊚ true
⊚ false
16) To be proficient in data analysis, accountants need to become data scientists.
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⊚ true
⊚ false
17) By developing an analytics mindset, accountants will be able to recognize when and how
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data analytics can address business questions.
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⊚ true
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18) While it is important for accountants to clearly articulate the business problem, drawing
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appropriate conclusions, based on the data, should be left to statisticians.
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⊚ true
⊚ false
19) Analytic-minded accountants should report results of analysis in an accessible way to ki ki ki ki ki ki ki ki ki ki ki
each varied decision maker and their specific needs.
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MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
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answers the question.
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20) With a goal to give organizations the information they need to make sound and timely
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business decisions, data analytics often involves all of the following except:
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