TEST BANK FOR Data Analytics for Accounting 3rd edition by Vernon Richardson, Ryan Teeter, Katie Terrell ISBN: 9781265094454 COMPLETE GUIDE ALL CHAPTERS COVERED 100% VERIFIED A+ GRADE ASSURED!!!!!NEW LATEST UPDATE!!!!

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,Chapter013e
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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) Dataanalyticsistheprocessofevaluating datawiththepurposeofdrawingconclusions to ad
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dress business questions.
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⊚ true
⊚ false


2) Theprocess of data analytics aimstotransform raw informationinto datato create value.
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⊚ true
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3) Dataanalyticshasthepotentialtotransformthemannerin whichcompaniesrun their b us
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inesses, however it is not practical in the near future.
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⊚ true
⊚ false


4) Auditors canusesocialmedia tohearwhatcustomersaresaying aboutacompanyand c o
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mpare this to inventory obsolescence and other estimates.
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⊚ true
⊚ false


5) Dataanalyticsallowsauditors togleaninsightsthat are beneficialtotheclient,without br ee
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ching independence.
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6) Thepredictiveanalyticsisanimportant aspectofdataanalyticsforauditors,but isnot ap pli tj tj tj pf tj tj tj tj tj pf tj tj tj


cable for tax accountants.
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7) The I in IMPACT Cyclerepresents Identify the Question.
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2

, ⊚ true
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8) TheM in IMPACT Cycle represents Master the Data.
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⊚ true
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9) TheP in IMPACT Cycle represents Predict the Results.
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⊚ true
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10) TheA in IMPACT Cycle represents Analyze the Data.
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⊚ true
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11) TheC in IMPACT Cycle represents Continuously Track.
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⊚ true
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12) TheT in IMPACT Cyclerepresents Track Outcomes.
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⊚ true
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13) TheIMPACTcycle isiterative,asinsightsaregained,outcomesaretracked,andnew qu esti
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ons are identified.
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⊚ true
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14) Dataanalysisthroughdatamanipulationisperforming basicanalysistounderstand the q u
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ality of the underlying data and its ability to address the business question.
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⊚ true
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3

, 15) Tobe proficient in data analysis, accountants need to become data scientists.
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⊚ true
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16) Bydeveloping ananalyticsmindset,accountants willbeabletorecognizewhenand how da ta
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analytics can address business questions.
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⊚ true
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17) Whileit is important foraccountants to clearly articulate the business problem,drawing ap pr
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opriate conclusions, based on the data, should be left to statisticians.
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⊚ true
⊚ false


18) Analytic-
minded accountantsshould report results ofanalysisin an accessible waytoeach varied decis ion ma
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ker and their specific needs.
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MULTIPLE CHOICE - tj tj


Choosethe onealternative that best completes the statement or answers the question.
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19) With a goal to giveorganizations theinformation they need to make sound and timely bu sin
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ess decisions, data analytics often involves all of the following
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A) technologies.
B) statistics.
C) strategies.
D) databases.



20) Patterns discovered from tj tj tj


blankenablebusinesses to identifyopportunitiesand risks and better plan for tj pf tj tj pf tj tj tj pf blank.



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