TEST BANK FOR DATA ANALYTICS FOR ACCOUNTING 1ST EDITION BY VERNON RICHARDSON ALL CHAPTERS COVERED QUESTIONS AND ANSWERS GRADED A+ LATEST UPDATE |2025-26|

,Data rrAnalytics rrfor rrAccounting, rr1e rr(Richardson)
rrChapter rr1 r r Data rrAnalytics rrin rrAccounting rrand

rrBusiness




1) Data rranalytics rris rrthe rrprocess rrof rrevaluating rrdata rrwith rrthe rrpurpose rrof rrdrawing
rrconclusions rrto rraddress rrbusiness rrquestions.




Answer: r r TRUE
rrDifficulty: rr1 rrEasy

Topic: r r Define rrData rrAnalytics
Learning rrObjective: r r 01-01 rrDefine rrData rrAnalytics.
rrBloom's: r r Remember

AACSB: r r Reflective rrThinking
AICPA: r r BB rrIndustry; rrFN rrDecision rrMaking

2) The rrprocess rrof rrdata rranalytics rraims rrto rrtransform rrraw rrinformation rrinto rrdata rrto rrcreate rrvalue.

Answer: r r FALSE
rrDifficulty: rr1 rrEasy

Topic: r r Define rrData rrAnalytics
Learning rrObjective: r r 01-01 rrDefine rrData rrAnalytics.
rrBloom's: r r Remember

AACSB: r r Reflective rrThinking
AICPA: r r BB rrIndustry; rrFN rrDecision rrMaking

,3) Data rranalytics rrhas rrthe rrpotential rrto rrtransform rrthe rrmanner rrin rrwhich rrcompanies rrrun
rrtheir rrbusinesses; rrhowever, rrit rris rrnot rrpractical rrin rrthe rrnear rrfuture.




Answer: r r FALSE
rrDifficulty: rr1 rrEasy

Topic: r r How rrData rrAnalytics rrAffects rrBusiness
Learning rrObjective: r r 01-02 rrUnderstand rrwhy rrData rrAnalytics rrmatters rrto rrbusiness.
rrBloom's: r r Remember

AACSB: r r Reflective rrThinking
AICPA: r r BB rrIndustry; rrFN rrDecision rrMaking

4) Auditors rrcan rruse rrsocial rrmedia rrto rrhear rrwhat rrcustomers rrare rrsaying rrabout rra rrcompany
rrand rrcompare rrthis rrto rrinventory rrobsolescence rrand rrother rrestimates.




Answer: r r TRUE
rrDifficulty: rr2

rrMedium

Topic: r r Financial rrReporting
Learning rrObjective: r r 01-03 rrExplain rrwhy rrData rrAnalytics rrmatters rrto rraccountants.
rrBloom's: r r Understand

AACSB: r r Reflective rrThinking
AICPA: r r BB rrIndustry; rrFN rrDecision rrMaking

, 5) Data rranalytics rrallows rrauditors rrto rrglean rrinsights rrthat rrare rrbeneficial rrto rrthe rrclient,
rrwithout rrbreaching rrindependence.




Answer: r r TRUE
rrDifficulty: rr2

rrMedium rrTopic:

r r Auditing

Learning rrObjective: r r 01-03 rrExplain rrwhy rrData rrAnalytics rrmatters rrto rraccountants.
rrBloom's: r r Remember

AACSB: r r Reflective rrThinking
AICPA: r r BB rrIndustry; rrFN rrDecision rrMaking

6) The rrpredictive rranalytics rris rran rrimportant rraspect rrof rrdata rranalytics rrfor rrauditors, rrbut rris
rrnot rrapplicable rrfor rrtax rraccountants.




Answer: rrFALSE
rrDifficulty: rr1

rrEasy rrTopic:

r r Tax

Learning rrObjective: r r 01-03 rrExplain rrwhy rrData rrAnalytics rrmatters rrto
rraccountants. rrBloom's: r r Understand

AACSB: r r Reflective rrThinking
AICPA: r r BB rrIndustry; rrFN rrDecision rrMaking

7) The rrI rrin rrIMPACT rrCycle rrrepresents rrIdentify rrthe rrQuestion.

Answer: r r TRUE
rrDifficulty: rr2

rrMedium

Topic: r r The rrData rrAnalytics rrProcess rrUsing rrthe rrImpact rrCycle
Learning rrObjective: r r 01-04 rrDescribe rrthe rrData rrAnalytics rrProcess rrUsing rrthe rrIMPACT rrCycle.
rrBloom's: r r Remember

AACSB: r r Reflective rrThinking
AICPA: r r BB rrIndustry; rrFN rrDecision rrMaking

8) The rrM rrin rrIMPACT rrCycle rrrepresents rrMaster rrthe rrData.

Answer: r r TRUE
rrDifficulty: rr2

rrMedium

Topic: r r The rrData rrAnalytics rrProcess rrUsing rrthe rrImpact rrCycle
Learning rrObjective: r r 01-04 rrDescribe rrthe rrData rrAnalytics rrProcess rrUsing rrthe rrIMPACT rrCycle.
rrBloom's: r r Remember

AACSB: r r Reflective rrThinking
AICPA: r r BB rrIndustry; rrFN rrDecision rrMaking