FIN380 FINAL PRACTICE EXAMINATION 2026 QUESTIONS
WITH ANSWERS GRADED A+
● information overload. Answer: access or exposure to too much info to be able to process
● bloom's taxonomy. Answer: -provides a hierarchical view of critical thinking skills. -six levels
of thinking in order from lowest to highest: 1) remember 2) understand 3) apply 4) analyze 5)
evaluate 6) create
● AMPS model. Answer: Ask the question Master the Data Perform the analysis Share the
story
● "What happened?" is answered by _____ analytics. Answer: descriptive
● "Why did it happen?" is answered by _______ analytics.. Answer: diagnostic
● "Will it happen in the future?" is answered by _____ analytics. Answer: predictive
● "What should we do based on what we expect will happen?" is answered by ______
analytics. Answer: prescriptive
● visualization. Answer: the representation of an object, situation, or set of information as a
chart or other image.
● dashboard. Answer: A graphical summary of various measures tracked by a company
● static. Answer: characterized by the lack of constant update, change, or activity
● dynamic. Answer: characterized by constant update, change, or activity
● tools used by accountants. Answer: -spreadsheets (like Excel) -Query (Vlookup and SQL)
-scripting -visualizations
● scripting. Answer: includes programs written to perform analytics to do repetitive tasks
● data integrity. Answer: the accuracy, validity, and consistency of data used and stored over
time.
● We can use accounting data analytics to. Answer: 1) evaluate characteristics of journal
entries 2) consider 3)predict the right level of the allowance for doubtful accounts 4)audit and
, verify account balances 5)Predict goodwill/impairment of goodwill 6)predict level of future
sales return 7) minimize amount of taxes paid
● Big Data. Answer: a broad term for datasets so large or complex that traditional data
processing applications are inadequate.
● The four V's of Big Data. Answer: Volume, Velocity, Variety, Veracity
● Volume. Answer: sheer amount of data, regardless of its source
● variety. Answer: form of the data
● velocity. Answer: speed that the data is being generated or the rate that the data is being
analyzed
● veracity. Answer: whether the data is truthful, accurate (and clean), and worthy of trust
● structured data. Answer: highly organized, mechanized, manageable information. EX: an
excel spreadsheet
● unstructured data. Answer: data without internal organization or structure. EX: blogs and
social media
● semi-structured data. Answer: data without internal organization or structure but has tags
explaining what the data represents. EX: XBRL program
● financial accounting data. Answer: any information external decision makers, such as
stockholders, banks, and suppliers, might use to help make decisions
● Securities and Exchange Commission (SEC). Answer: U.S. government agency charged
with protecting investors by requiring full and truthful financial disclosure by companies
● special journal. Answer: a journal used to record only one kind of transaction
● general ledger. Answer: provides the current balance of all asset, liability, equity, revenue,
and expense accounts, summarizing all of the company's transactions
● subsidiary ledger. Answer: contains the details related to a given general ledger account
● 10-k form. Answer: has five sections: 1) business (overview of operations) 2) risk factors 3)
Selected financial data (highlights over the last 5 years) 4) MD&A 5) financial statements and
supplemental data
WITH ANSWERS GRADED A+
● information overload. Answer: access or exposure to too much info to be able to process
● bloom's taxonomy. Answer: -provides a hierarchical view of critical thinking skills. -six levels
of thinking in order from lowest to highest: 1) remember 2) understand 3) apply 4) analyze 5)
evaluate 6) create
● AMPS model. Answer: Ask the question Master the Data Perform the analysis Share the
story
● "What happened?" is answered by _____ analytics. Answer: descriptive
● "Why did it happen?" is answered by _______ analytics.. Answer: diagnostic
● "Will it happen in the future?" is answered by _____ analytics. Answer: predictive
● "What should we do based on what we expect will happen?" is answered by ______
analytics. Answer: prescriptive
● visualization. Answer: the representation of an object, situation, or set of information as a
chart or other image.
● dashboard. Answer: A graphical summary of various measures tracked by a company
● static. Answer: characterized by the lack of constant update, change, or activity
● dynamic. Answer: characterized by constant update, change, or activity
● tools used by accountants. Answer: -spreadsheets (like Excel) -Query (Vlookup and SQL)
-scripting -visualizations
● scripting. Answer: includes programs written to perform analytics to do repetitive tasks
● data integrity. Answer: the accuracy, validity, and consistency of data used and stored over
time.
● We can use accounting data analytics to. Answer: 1) evaluate characteristics of journal
entries 2) consider 3)predict the right level of the allowance for doubtful accounts 4)audit and
, verify account balances 5)Predict goodwill/impairment of goodwill 6)predict level of future
sales return 7) minimize amount of taxes paid
● Big Data. Answer: a broad term for datasets so large or complex that traditional data
processing applications are inadequate.
● The four V's of Big Data. Answer: Volume, Velocity, Variety, Veracity
● Volume. Answer: sheer amount of data, regardless of its source
● variety. Answer: form of the data
● velocity. Answer: speed that the data is being generated or the rate that the data is being
analyzed
● veracity. Answer: whether the data is truthful, accurate (and clean), and worthy of trust
● structured data. Answer: highly organized, mechanized, manageable information. EX: an
excel spreadsheet
● unstructured data. Answer: data without internal organization or structure. EX: blogs and
social media
● semi-structured data. Answer: data without internal organization or structure but has tags
explaining what the data represents. EX: XBRL program
● financial accounting data. Answer: any information external decision makers, such as
stockholders, banks, and suppliers, might use to help make decisions
● Securities and Exchange Commission (SEC). Answer: U.S. government agency charged
with protecting investors by requiring full and truthful financial disclosure by companies
● special journal. Answer: a journal used to record only one kind of transaction
● general ledger. Answer: provides the current balance of all asset, liability, equity, revenue,
and expense accounts, summarizing all of the company's transactions
● subsidiary ledger. Answer: contains the details related to a given general ledger account
● 10-k form. Answer: has five sections: 1) business (overview of operations) 2) risk factors 3)
Selected financial data (highlights over the last 5 years) 4) MD&A 5) financial statements and
supplemental data
