Test Bank For Data Analytics For Accounting 2nd Edition Richardson

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Data Analytics for Accounting 2nd Edition by Richardson
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CH01
ANSWERShAREhLOCATEDhINhTHEhSECONDhPARThOFhTHIShDOCUMENT
TRUE/FALSEh-hWriteh'T'hifhthehstatementhishtruehandh'F'hifhthehstatementhishfalse.
1) Datahanalyticshishthehprocesshofhevaluatinghdatahwithhthehpurposehofhdrawinghconclusions
htohaddresshbusinesshquestions.

⊚ true
⊚ false


2) Thehprocesshofhdatahanalyticshaimshtohtransformhrawhinformationhintohdatahtohcreatehvalue.
⊚ true
⊚ false


3) Datahanalyticshhashthehpotentialhtohtransformhthehmannerhinhwhichhcompanieshrunhtheir
hbusinesses,hhoweverhithishnothpracticalhinhthehnearhfuture.

⊚ true
⊚ false


4) Auditorshcanhusehsocialhmediahtohhearhwhathcustomersharehsayinghabouthahcompanyhand
hcomparehthishtohinventoryhobsolescencehandhotherhestimates.

⊚ true
⊚ false


5) Datahanalyticshallowshauditorshtohgleanhinsightshthatharehbeneficialhtohthehclient,hwithout
hbreechinghindependence.

⊚ true
⊚ false


6) Thehpredictivehanalyticshishanhimportanthaspecthofhdatahanalyticshforhauditors,hbuthishnot
happlicablehforhtaxhaccountants.

⊚ true
⊚ false


7) ThehIhinhIMPACThCyclehrepresentshIdentifyhthehQuestion.



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Data Analytics for Accounting 2nd Edition by Richardson
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CH01
⊚ true
⊚ false


8) ThehMhinhIMPACThCyclehrepresentshMasterhthehData.
⊚ true
⊚ false


9) ThehPhinhIMPACThCyclehrepresentshPredicththehResults.
⊚ true
⊚ false


10) ThehAhinhIMPACThCyclehrepresentshAnalyzehthehData.
⊚ true
⊚ false


11) ThehChinhIMPACThCyclehrepresentshContinuouslyhTrack.
⊚ true
⊚ false


12) ThehThinhIMPACThCyclehrepresentshTrackhOutcomes.
⊚ true
⊚ false


13) ThehIMPACThcyclehishiterative,hashinsightsharehgained,houtcomesharehtracked,handhnew
hquestionsharehidentified.

⊚ true
⊚ false


14) Datahanalyticshprofessionalshestimatehthaththeyhspendhbetweenh25hpercenthandh70hpercent
hofhtheirhtimehcleaninghdatahsohithcanhbehanalyzed.

⊚ true
⊚ false



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Data Analytics for Accounting 2nd Edition by Richardson
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CH01

15) Datahanalysishthroughhdatahmanipulationhishperforminghbasichanalysishtohunderstandhthe
hqualityhofhthehunderlyinghdatahandhitshabilityhtohaddresshthehbusinesshquestion.

⊚ true
⊚ false


16) Tohbehproficienthinhdatahanalysis,haccountantshneedhtohbecomehdatahscientists.
⊚ true
⊚ false


17) Byhdevelopinghanhanalyticshmindset,haccountantshwillhbehablehtohrecognizehwhenhandhhow
hdatahanalyticshcanhaddresshbusinesshquestions.

⊚ true
⊚ false


18) Whilehithishimportanthforhaccountantshtohclearlyharticulatehthehbusinesshproblem,hdrawing
happropriatehconclusions,hbasedhonhthehdata,hshouldhbehlefthtohstatisticians.

⊚ true
⊚ false


19) Analytic-
mindedhaccountantshshouldhreporthresultshofhanalysishinhanhaccessiblehwayhtoheachhvariedhdeci
sionhmakerhandhtheirhspecifichneeds.
⊚ true
⊚ false


MULTIPLEhCHOICEh-
hChoosehthehonehalternativehthathbesthcompleteshthehstatementhorhanswershthehquestion.

20) Withhahgoalhtohgivehorganizationshthehinformationhtheyhneedhtohmakehsoundhandhtimely
hbusinesshdecisions,hdatahanalyticshoftenhinvolveshallhofhthehfollowinghexcept:




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