IMPACT cycle (data analytics process) correct answers1. identify the Qs*
2. Master the data
3. perform test plan
4. address and refine results
5. communicate insights
6. track outcomes
data analytics correct answersthe process of evaluating data with the purpose of drawing conclusions to ad...
Accounting Analytics Exam 1 (Ch. 1 & 2)
IMPACT cycle (data analytics process) correct answers1. identify the Qs*
2. Master the data
3. perform test plan
4. address and refine results
5. communicate insights
6. track outcomes
data analytics correct answersthe process of evaluating data with the purpose of drawing conclusions to address business questions. effective data analytics provides a way to search through large structured & unstructured data to identify unknown patterns or relationships
big data correct answersdatasets which are too large and complex to be analyzed traditionally
volume (5 V's) correct answersrefers to size
-excel is great for using data, until data becomes too large to process efficiently, then you should use a different type of software
the 5 V's of data analytics and big data correct answers1. volume
2. velocity
3. variety
4. veracity
5. value
velocity (5 V's) correct answersrefers to processing speed
variety (5 V's) correct answersrefers to different types -90% of generated data is unstructured (tweets, photos, etc.); structured data can be financial statements, general ledgers, etc. (you know where to find info)
veracity (5 V's) correct answersrefers to the trustworthiness of the data
value (5 V's) correct answersrefers to the insights the data analytics can result in -big data= the ability to achieve greater value through insights from superior analytics
critical thinking correct answers1. unbiased, 2. analytical, 3. diagnostic, 4. logical
-that mode of thinking in which the thinker improves the quality of his or her thinking by skillfully analyzing, assessing and reconstructing it
-self-directed, self-disciplined, self-monitored, and self-corrective thinking
-presupposes assent to rigorous standards of excellence and mindful command of their use
-entails effective communication and problem-solving abilities, as well as commitment to overcome our native egocentrism and sociocentrism
how does data analytics affect auditing? correct answers-enhance audit quality
-enhanced audits, expanded services, and added value to clients
-external auditors will stay engaged beyond the audit
-decreases number of variables involved
how does data analytics affect financial reporting? correct answers-better estimates of collectability, write-downs, etc. -managers can better understand the business environment through social media
-identify risks and opportunities through analysis of internet searches
how does data analytics affect taxes? correct answers-tax strategy and planning
-understanding of tax consequences of international transactions, investment, mergers and acquisitions
-better organization of tax tables and other tax data
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