SOLUTION MANUAL For Data Analytics for Accounting, 3rd Edition by Vernon Richardson, Verified Chapters 1 - 9, Complete Newest Version

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,TABLE OF CONTENTS
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Chapter 1: Data Analytics for Accounting and Identifying the Questions
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Chapter 2: Mastering the Data
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Chapter 3: Performing the Test Plan and Analyzing the Results
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Chapter 4: Communicating Results and Visualizations
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Chapter 5: The Modern Accounting Environment
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Chapter 6: Audit Data Analytics
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Chapter 7: Managerial Analytics
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Chapter 8: Financial Statement Analytics
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Chapter 9: Tax Analytics
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,Solutions Manual – Chapter 1 WR WR WR WR




Solutions to Multiple Choice Questions
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1. (LO 1-1) Big Data is often described by the four Vs, or
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a. volume, velocity, veracity, and variability.
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b. volume, velocity, veracity, and variety.
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c. volume, volatility, veracity, and variability.
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d. variability, velocity, veracity, and variety. WR WR WR WR




Answer: b WR




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4) Which data approach attempts to assign each unit in a population into a small set ofclasses (or groups)
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where the unit best fits?
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a. Regression
b. Similarity matching WR




c. Co-occurrence grouping WR




d. Classification

Answer: d WR




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4) Which data approach attempts to identify similar individuals based on data knownabout them?
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a. Classification
b. Regression
c. Similarity matching WR




d. Data reduction WR




Answer: c WR




4. (LO 1-4) Which data approach attempts to predict connections between two data items?
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a. Profiling
b. Classification
c. Link prediction WR




d. Regression




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, Answer: c WR




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6) Which of these terms is defined as being a central repository of descriptions for all ofthe data attributes
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of the dataset?
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a. Big Data WR




b. Data warehouse WR




c. Data dictionary WR




d. Data Analytics WR




Answer: c WR




6. (LO 1-5) Which skills were not emphasized that analytic-minded accountants should have?
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a. Developed an analytics mindset WR WR WR




b. Data scrubbing and data preparation
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c. Classification of test approaches WR WR WR




d. Statistical data analysis competency WR WR WR




Answer: c WR




7. (LO 1-5) In which areas were skills not emphasized for analytic-minded accountants?
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a. Data quality WR




b. Descriptive data analysis WR WR




c. Data visualization and data reporting
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d. Data and systems analysis and design
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Answer: d WR




8. (LO 1-4) The IMPACT cycle includes all except the following steps:
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a. perform test plan. WR WR




b. visualize the data. WR WR




c. master the data. WR WR




d. track outcomes. WR




Answer: b WR




9. (LO 1-4) The IMPACT cycle specifically includes all except the following steps:
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a. data preparation.
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b. communicate insights. WR




c. address and refine results. WR WR WR




d. perform test plan. WR WR




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