Test Bank for Introduction to Data Analytics for Accounting, 2nd Edition by Vernon Richardson|ultimate guide 100% verified.

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Data Analytics for Accounting 2nd Edition by Richardson
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CH01
ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
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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) Data analytics is the process of evaluating data with the purpose of drawing conclusions
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to address business questions.
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⊚ true
⊚ false


2) The process of data analytics aims to transform raw information into data to create value.
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⊚ true
⊚ false


3) Data analytics has the potential to transform the manner in which companies run their
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businesses, however it is not practical in the near future.
4i 4i 4i 4i 4i 4i 4i 4i 4i



⊚ true
⊚ false


4) Auditors can use social media to hear what customers are saying about a company and
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compare this to inventory obsolescence and other estimates.
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⊚ true
⊚ false


5) Data analytics allows auditors to glean insights that are beneficial to the client, without
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breeching independence. 4i



⊚ true
⊚ false


6) The predictive analytics is an important aspect of data analytics for auditors, but is not
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applicable for tax accountants.
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⊚ true
⊚ false


7) The I in IMPACT Cycle represents Identify the Question.
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ardson
Data Analytics for Accounting 2nd Edition by Richardson
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CH01
⊚ true
⊚ false


8) The M in IMPACT Cycle represents Master the Data.
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⊚ true
⊚ false


9) The P in IMPACT Cycle represents Predict the Results.
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⊚ true
⊚ false


10) The A in IMPACT Cycle represents Analyze the Data.
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⊚ true
⊚ false


11) The C in IMPACT Cycle represents Continuously Track.
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⊚ true
⊚ false


12) The T in IMPACT Cycle represents Track Outcomes.
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⊚ true
⊚ false


13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new
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questions are identified.
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⊚ true
⊚ false


14) Data analytics professionals estimate that they spend between 25 percent and 70 percent
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of their time cleaning data so it can be analyzed.
4i 4i 4i 4i 4i 4i 4i 4i 4i



⊚ true
⊚ false



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Data Analytics for Accounting 2nd Edition by Richardson
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CH01

15) Data analysis through data manipulation is performing basic analysis to understand the
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quality of the underlying data and its ability to address the business question.
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⊚ true
⊚ false


16) To be proficient in data analysis, accountants need to become data scientists.
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⊚ true
⊚ false


17) By developing an analytics mindset, accountants will be able to recognize when and how
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data analytics can address business questions.
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⊚ true
⊚ false


18) While it is important for accountants to clearly articulate the business problem, drawing
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appropriate conclusions, based on the data, should be left to statisticians.
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⊚ true
⊚ false


19) Analytic-
minded accountants should report results of analysis in an accessible way to each varied deci
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sion maker and their specific needs.
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⊚ true
⊚ false


MULTIPLE CHOICE - 4i 4i



Choose the one alternative that best completes the statement or answers the question.
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20) With a goal to give organizations the information they need to make sound and timely
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business decisions, data analytics often involves all of the following except:
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