,DOWNLOAD THE Test Bank for Data Analytics for Accounting 2nd Edition Richard
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son
Data Analytics for Accounting 2nd Edition by Richardson
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CH01
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 to
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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
⊚ false
3) Data analytics has the potential to transform the manner in which companies run their bu
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sinesses, 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 co
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mpare 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 br
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eeching independence.
3
⊚ true
⊚ false
6) The predictive analytics is an important aspect of data analytics for auditors, but is not ap
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plicable for tax accountants.
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⊚ true
⊚ false
7) The I in IMPACT Cycle represents Identify the Question.
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Version 1 3 1
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,DOWNLOAD THE Test Bank for Data Analytics for Accounting 2nd Edition Richard
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son
Data Analytics for Accounting 2nd Edition by Richardson
3 3 3 3 3 3 3
CH01
⊚ true
⊚ false
8) The M in IMPACT Cycle represents Master the Data.
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⊚ true
⊚ false
9) The P in IMPACT Cycle represents Predict the Results.
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⊚ true
⊚ false
10) The A in IMPACT Cycle represents Analyze the Data.
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⊚ true
⊚ false
11) The C in IMPACT Cycle represents Continuously Track.
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⊚ true
⊚ false
12) The T in IMPACT Cycle represents Track Outcomes.
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⊚ true
⊚ false
13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new qu
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estions are identified.
3 3
⊚ true
⊚ false
14) Data analytics professionals estimate that they spend between 25 percent and 70 percent of
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their time cleaning data so it can be analyzed.
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⊚ true
⊚ false
Version 1 3 2
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, DOWNLOAD THE Test Bank for Data Analytics for Accounting 2nd Edition Richard
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son
Data Analytics for Accounting 2nd Edition by Richardson
3 3 3 3 3 3 3
CH01
15) Data analysis through data manipulation is performing basic analysis to understand the q
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uality 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 da
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ta analytics can address business questions.
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⊚ true
⊚ false
18) While it is important for accountants to clearly articulate the business problem, drawing ap
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propriate 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 each varied decisio
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n maker and their specific needs.
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⊚ true
⊚ false
MULTIPLE CHOICE - 3 3
Choose the one alternative that best completes the statement or answers the question.
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20) With a goal to give organizations the information they need to make sound and timely bu
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siness decisions, data analytics often involves all of the following except:
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