TESTBANK FOR Data Analytics for Accounting, 3rd Edition by Vernon Richardson

TEST BANK
Data Analytics for Accounting, 3rd Edition
by Vernon Richardson, Chapters 1 – 9

,Chapter 1: Data Analytics for Accounting and Identifying the
Questions
Chapter 2: Mastering the Data
Chapter 3: Performing the Test Plan and Analyzing the Results
Chapter 4: Communicating Results and Visualizations
Chapter 5: The Modern Accounting Environment
Chapter 6: Audit Data Analytics

Chapter 7: Managerial Analytics
Chapter 8: Financial Statement Analytics
Chapter 9: Tax Analytics

,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
toaddress 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
theirbusinesses, 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
andcompare this to inventory obsolescence and other estimates.
⊚ true
⊚ false



5) Data analytics allows auditors to glean insights that are beneficial to the client,
withoutbreeching independence.
⊚ true
⊚ false

, 6) The predictive analytics is an important aspect of data analytics for auditors, but
XV XV XV XV XV XV XV XV XV XV XV XV




is notapplicable for tax accountants.
XV XV XV XV XV




⊚ true X V




⊚ false X V




7) The I in IMPACT Cycle represents Identify the Question.
XV XV XV XV XV XV XV XV




⊚ true X V




⊚ X V false



8) The M in IMPACT Cycle represents Master the Data.
XV XV XV XV XV XV XV XV




⊚ true X V




⊚ X V false



9) The P in IMPACT Cycle represents Predict the Results.
XV XV XV XV XV XV XV XV




⊚ true X V




⊚ X V false



10) The A in IMPACT Cycle represents Analyze the Data.
XV XV XV XV XV XV XV XV




⊚ true X V




⊚ X V false



11) The C in IMPACT Cycle represents Continuously Track.
XV XV XV XV XV XV XV




⊚ true X V




⊚ X V false



12) The T in IMPACT Cycle represents Track Outcomes.
XV XV XV XV XV XV XV




⊚ true X V




⊚ X V false