Cost Accounting With Integrated Data Analytics Updated Actual Questions And Correct Answers Complete Study Guide

COST ACCOUNTING WITH INTEGRATED
DATA ANALYTICS UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
COMPLETE STUDY GUIDE

●● Accounting Data Analytics (ADA)
Answer: The application of data analytics techniques to accounting-
related data


●● Descriptive Analytics
Answer: Analytics that summarize historical data to understand what has
happened


●● Diagnostic Analytics
Answer: Analytics that examine data to understand why something
happened


●● Predictive Analytics
Answer: Analytics that use historical data to forecast future outcomes


●● Prescriptive Analytics
Answer: Analytics that recommend actions based on data and analytical
models

,●● Big Data
Answer: Data sets characterized by high volume, velocity, and variety


●● Structured Data
Answer: Data organized in a predefined format such as tables or
spreadsheets


●● Unstructured Data
Answer: Data that does not follow a predefined format, such as emails or
social media posts


●● Data Governance
Answer: Policies and procedures that ensure data quality, security, and
proper use


●● Data Integrity
Answer: The accuracy, completeness, and reliability of data


●● Data Visualization
Answer: The graphical representation of data to communicate insights
clearly

, ●● Professional Judgment
Answer: The application of accounting knowledge and experience to
make informed decisions


●● Business Intelligence (BI)
Answer: Technologies and processes used to analyze business data for
reporting and decision-making


●● Internal Controls
Answer: Processes designed to ensure reliable financial reporting and
compliance


●● Audit Analytics
Answer: The use of data analytics to enhance audit planning, testing, and
conclusions


●● Data Cleaning
Answer: The process of correcting or removing inaccurate or incomplete
data


●● Relevance
Answer: The usefulness of information for decision-making