Test Bank For Introduction To
Data Analytics For Accounting,
3rd Edition By Vernon Richardson
,TEST BANK FOR
Data Analytics For Accounting, 3rd Edition Richardson
Chapter 1-9
Answers Are At The End Of Each Chapter
Chapter 01:
Student Name:
1) Data Analytics Is The Process Of Evaluating Data With The Purpose Of Drawing
Conclusions To Address Business Questions.
⊚ True
⊚ False
2) The Process Of Data Analytics Aims To Transform Raw Information Into Data To Create
Value.
⊚ True
⊚ False
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.
⊚ True
⊚ False
4) Auditors Can Use Social Media To Hear What Customers Are Saying About A
Company And Compare This To Inventory Obsolescence And Other Estimates.
⊚ True
⊚ False
5) Data Analytics Allows Auditors To Glean Insights That Are Beneficial To The Client,
Without Breeching Independence.
⊚ True
⊚ False
,6) The Predictive Analytics Is An Important Aspect Of Data Analytics For Auditors, But
Is Not Applicable For Tax Accountants.
⊚ True
⊚ False
7) The I In IMPACT Cycle Represents Identify The Question.
⊚ True
⊚ False
8) The M In IMPACT Cycle Represents Master The Data.
⊚ True
⊚ False
9) The P In IMPACT Cycle Represents Predict The Results.
⊚ True
⊚ False
10) The A In IMPACT Cycle Represents Analyze The Data.
⊚ True
⊚ False
11) The C In IMPACT Cycle Represents Continuously Track.
⊚ True
⊚ False
12) The T In IMPACT Cycle Represents Track Outcomes.
⊚ True
⊚ False
, 13) The IMPACT Cycle Is Iterative, As Insights Are Gained, Outcomes Are Tracked,
And New Questions Are Identified.
⊚ True
⊚ False
14) Data Analysis Through Data Manipulation Is Performing Basic Analysis To
Understand The Quality Of The Underlying Data And Its Ability To Address The
Business Question.
⊚ True
⊚ False
15) To Be Proficient In Data Analysis, Accountants Need To Become Data Scientists.
⊚ True
⊚ False
16) By Developing An Analytics Mindset, Accountants Will Be Able To Recognize When
And How Data Analytics Can Address Business Questions.
⊚ True
⊚ False
17) While It Is Important For Accountants To Clearly Articulate The Business Problem,
Drawing Appropriate Conclusions, Based On The Data, Should Be Left To
Statisticians.
⊚ True
⊚ False
18) Analytic-Minded Accountants Should Report Results Of Analysis In An Accessible Way
To Each Varied Decision Maker And Their Specific Needs.
⊚ True
⊚ False
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