,DOWNLOAD THE Test Bank for Data Analytics for Accounting 2nd Edition Rich
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
ardson
Data Analytics for Accounting 2nd Edition by Richardson
4i 4i 4i 4i 4i 4i 4i
CH01
ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
4i 4i 4i 4i 4i 4i 4i 4i 4i
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
1) Data analytics is the process of evaluating data with the purpose of drawing conclusions
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4
to address business questions.
i 4i 4i 4i
⊚ true
⊚ false
2) The process of data analytics aims to transform raw information into data to create value.
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
⊚ true
⊚ false
3) Data analytics has the potential to transform the manner in which companies run their
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
businesses, however it is not practical in the near future.
4i 4i 4i 4i 4i 4i 4i 4i 4i
⊚ true
⊚ false
4) Auditors can use social media to hear what customers are saying about a company and
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4
compare this to inventory obsolescence and other estimates.
i 4i 4i 4i 4i 4i 4i 4i
⊚ true
⊚ false
5) Data analytics allows auditors to glean insights that are beneficial to the client, without
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
breeching independence. 4i
⊚ true
⊚ false
6) The predictive analytics is an important aspect of data analytics for auditors, but is not
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4
applicable for tax accountants.
i 4i 4i 4i
⊚ true
⊚ false
7) The I in IMPACT Cycle represents Identify the Question.
4i 4i 4i 4i 4i 4i 4i 4i
Version 1 1
mynursytest.store
,DOWNLOAD THE Test Bank for Data Analytics for Accounting 2nd Edition Rich
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
ardson
Data Analytics for Accounting 2nd Edition by Richardson
4i 4i 4i 4i 4i 4i 4i
CH01
⊚ true
⊚ false
8) The M in IMPACT Cycle represents Master the Data.
4i 4i 4i 4i 4i 4i 4i 4i
⊚ true
⊚ false
9) The P in IMPACT Cycle represents Predict the Results.
4i 4i 4i 4i 4i 4i 4i 4i
⊚ true
⊚ false
10) The A in IMPACT Cycle represents Analyze the Data.
4i 4i 4i 4i 4i 4i 4i 4i
⊚ true
⊚ false
11) The C in IMPACT Cycle represents Continuously Track.
4i 4i 4i 4i 4i 4i 4i
⊚ true
⊚ false
12) The T in IMPACT Cycle represents Track Outcomes.
4i 4i 4i 4i 4i 4i 4i
⊚ true
⊚ false
13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
questions are identified.
4i 4i
⊚ true
⊚ false
14) Data analytics professionals estimate that they spend between 25 percent and 70 percent
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
of their time cleaning data so it can be analyzed.
4i 4i 4i 4i 4i 4i 4i 4i 4i
⊚ true
⊚ false
Version 1 2
mynursytest.store
, DOWNLOAD THE Test Bank for Data Analytics for Accounting 2nd Edition Rich
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
ardson
Data Analytics for Accounting 2nd Edition by Richardson
4i 4i 4i 4i 4i 4i 4i
CH01
15) Data analysis through data manipulation is performing basic analysis to understand the
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
quality of the underlying data and its ability to address the business question.
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
⊚ true
⊚ false
16) To be proficient in data analysis, accountants need to become data scientists.
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
⊚ true
⊚ false
17) By developing an analytics mindset, accountants will be able to recognize when and how
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
data analytics can address business questions.
4i 4i 4i 4i 4i
⊚ true
⊚ false
18) While it is important for accountants to clearly articulate the business problem, drawing
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
appropriate conclusions, based on the data, should be left to statisticians.
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
⊚ true
⊚ false
19) Analytic-
minded accountants should report results of analysis in an accessible way to each varied deci
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
sion maker and their specific needs.
4i 4i 4i 4i 4i
⊚ true
⊚ false
MULTIPLE CHOICE - 4i 4i
Choose the one alternative that best completes the statement or answers the question.
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
20) With a goal to give organizations the information they need to make sound and timely
4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4
business decisions, data analytics often involves all of the following except:
i 4i 4i 4i 4i 4i 4i 4i 4i 4i 4i
Version 1 3
mynursytest.store
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Profkarl. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
