Test bank for data analytics for accounting 3rd edition by Vernon Richardson
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Course
Data Analytics for Accounting, 3rd Edition
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Data Analytics For Accounting, 3rd Edition
Test bank for data analytics for accounting 3rd edition by Vernon RichardsonTest bank for data analytics for accounting 3rd edition by Vernon RichardsonTest bank for data analytics for accounting 3rd edition by Vernon RichardsonTest bank for data analytics for accounting 3rd edition by Vernon Richa...
Chapter 5: TheModern Accounting Environment
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lttI DataAnalytics
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Chapter7:ManagerialAnalytics
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Chapter8: FinancialStatementAnalytics Chapter 9: TaxAnalytics
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,Answers areat the Endof Each Chapter
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Chapter01: ltI
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1) Data analytics is the process of evaluating data with the purpose of drawing
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conclusions toaddress businessquestions.
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⊚ llttI l l t t I false
2) The process of data analytics aims to transform raw information into data to create
value.
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3) Data analytics has the potential to transform the manner in which companies
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run theirbusinesses, however it is not practical in thenear future.
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4) Auditors can use social media to hear what customers are saying about a lttI lttI llttI llttI lttI llttI llttI lttI lttI llttI lttI lttI
company andcompare this to inventory obsolescence and other
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estimates.
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5) Data analytics allows auditors to glean insights that are beneficial to the
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client, withoutbreechingindependence.
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, 6) The predictive analytics is an important aspect of data analytics for
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auditors, but is notapplicable for tax accountants.
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7) The Iin IMPACT Cycle represents Identify the Question.
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8) The M in IMPACT Cycle represents Master the Data.
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⊚ true llttI l l t t I
⊚ llttI l l t t I false
9) The P in IMPACT Cycle represents Predict the Results.
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⊚ true llttI l l t t I
⊚ llttI l l t t I false
10) The A in IMPACT Cycle represents Analyze the Data.
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⊚ llttI l l t t I false
11) The C in IMPACT Cycle represents Continuously Track.
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12) The T in IMPACT Cycle represents Track Outcomes.
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