DATA AND ANALYTICS IN ACCOUNTING ACTUAL EXAM TEST PAPER FULL QUESTIONS CORRECT

DATA AND ANALYTICS IN ACCOUNTING ACTUAL EXAM TEST PAPER FULL QUESTIONS
CORRECT RESPONSES




Question:
What is the A M P S model in data analytics?

Answer:
A framework consisting of four steps: Ask the Question, Master the Data, Perform the Analysis,
Share the Story.



Question:
What type of analysis answers 'What happened?'

Answer:
Descriptive Analytics



Question:
What type of analysis answers 'Why did it happen?'

Answer:
Diagnostic Analytics



Question:
What type of analysis answers 'Will it happen in the future?'

Answer:
Predictive Analytics



Question:

,What type of analysis answers 'What should we do?'

Answer:
Prescriptive Analytics



Question:
Name a basic tool for data analysis and visualization.

Answer:
Excel



Question:
What programming language is used for managing relational databases?

Answer:
SQL



Question:
What is Tableau used for?

Answer:
Creating interactive and shareable dashboards for data visualization.



Question:
What are the two programming languages commonly used for advanced data analysis?

Answer:
R and Python



Question:
What is data integrity?

,Answer:
The accuracy, validity, and consistency of data.



Question:
What distinguishes categorical data from numerical data?

Answer:
Categorical data is qualitative, while numerical data is quantitative.



Question:
What are the four steps of the A M P S model?

Answer:
1. Ask the Question 2. Master the Data 3. Perform the Analysis 4. Share the Story



Question:
What is the significance of critical thinking in accounting?

Answer:
Critical thinking allows accountants to analyze and evaluate information for informed
decision-making.



Question:
What does Bloom's Taxonomy emphasize in the context of data analytics?

Answer:
The importance of higher-order thinking skills such as analyzing, evaluating, and creating.



Question:
What is the first step in the problem-solving process for data analytics?

Answer:

, Ask the Question: Clearly define the problem or question to be answered with data.



Question:
What does 'Master the Data' involve?

Answer:
Assessing data for integrity, completeness, and relevance to the question.



Question:
What are common data visualization types?

Answer:
Histograms, scatterplots, and dashboards.



Question:
What is the impact of data availability on the accounting profession?

Answer:
Data availability enhances accountants' roles as critical information providers.



Question:
What is the role of automation in accounting?

Answer:
Automation assists in data processing but lacks the expertise that accountants provide.



Question:
What does the term 'Big Data' refer to?

Answer:
Big Data encompasses Volume, Variety, Velocity, and Veracity in data analysis.