DATA ANALYTICS FOR ACCOUNTING (MIDTERM)
CHAPTERS 1-5 | 127 QUESTIONS AND ANSWERS |
2025/2026 UPDATE | WITH COMPLETE SOLUTION!!
The Data Analytics Process Answer - 1. Data Analytics
2.Intro to Accounting Data
3.Types of Data
4.Preparing Data for Analysis
5.Types and Tools of Data Analytics
6.Descriptive Analytics
7.Diagnostic Analytics
8.Predictive Analytics
9.Prescriptive Analytics
10.Share the Story
11.Putting it All Together
2.5 Quintillion bytes of data are created every day, Answer - and that number
continues to grow with no sign of slowing down.
The data that now floods the Internet every second is equivalent to Answer -
the data stored on the entire Internet 20 years ago.
,The abundance of data can be helpful in addressing company questions,
problem, and challenges to the extent that Answer - accountants can harness
and analyze the available data.
The increasing amount of data may cause Answer - information overload and
hinder the work of the accountant.
How to deal with automation: Answer - While computers increasingly collect
the data, they do not have the accounting expertise that accountants provide.
Data Analytics is one way for accountants to develop and exhibit this needed
expertise.
Data is not the answer. It may help answer question, but that data is a tool of
the analyst.
Bloom's Taxonomy Answer - 1. Remember
2. Understand
3. Apply
4. Analyze
5. Evaluate
6. Create
The basic academia accounting curriculum most directly addresses to the three
lowest levels of Bloom's taxonomy. Answer - Remember, Understand, and
Apply.
Data analytics moved us into the higher order thinking skills. Answer -
Accountants simply cannot analyze, evaluate, and create if they do not already
, have the basic accounting knowledge and understanding required by the lower
level skills.
The AMPS Model: Answer - 1. Ask the Question
2. Master the Data
3. Perform the Analysis
4. Share the Story
Ask the Question Answer - Your Data Won't Speak Unless You Ask It The Right
Data Analytics Questions"
-Diagnostic Analytics
-Predictive Analytics
-Prescriptive Analytics
Diagnostic Analytics Answer - Why did it happen? What are the root causes of
past results?
Predictive Analytics Answer - Will it happen in the future? What is the
probability something will happen? Is it forecastable?
Prescriptive Analytics Answer - What should we do, based on what we expect
will happen? How do we optimize our performance based on potential
constraints?
Master the Data Answer - Can the data answer/address the question?
Does the data exhibit data integrity (accurate, valid and consistent)?
CHAPTERS 1-5 | 127 QUESTIONS AND ANSWERS |
2025/2026 UPDATE | WITH COMPLETE SOLUTION!!
The Data Analytics Process Answer - 1. Data Analytics
2.Intro to Accounting Data
3.Types of Data
4.Preparing Data for Analysis
5.Types and Tools of Data Analytics
6.Descriptive Analytics
7.Diagnostic Analytics
8.Predictive Analytics
9.Prescriptive Analytics
10.Share the Story
11.Putting it All Together
2.5 Quintillion bytes of data are created every day, Answer - and that number
continues to grow with no sign of slowing down.
The data that now floods the Internet every second is equivalent to Answer -
the data stored on the entire Internet 20 years ago.
,The abundance of data can be helpful in addressing company questions,
problem, and challenges to the extent that Answer - accountants can harness
and analyze the available data.
The increasing amount of data may cause Answer - information overload and
hinder the work of the accountant.
How to deal with automation: Answer - While computers increasingly collect
the data, they do not have the accounting expertise that accountants provide.
Data Analytics is one way for accountants to develop and exhibit this needed
expertise.
Data is not the answer. It may help answer question, but that data is a tool of
the analyst.
Bloom's Taxonomy Answer - 1. Remember
2. Understand
3. Apply
4. Analyze
5. Evaluate
6. Create
The basic academia accounting curriculum most directly addresses to the three
lowest levels of Bloom's taxonomy. Answer - Remember, Understand, and
Apply.
Data analytics moved us into the higher order thinking skills. Answer -
Accountants simply cannot analyze, evaluate, and create if they do not already
, have the basic accounting knowledge and understanding required by the lower
level skills.
The AMPS Model: Answer - 1. Ask the Question
2. Master the Data
3. Perform the Analysis
4. Share the Story
Ask the Question Answer - Your Data Won't Speak Unless You Ask It The Right
Data Analytics Questions"
-Diagnostic Analytics
-Predictive Analytics
-Prescriptive Analytics
Diagnostic Analytics Answer - Why did it happen? What are the root causes of
past results?
Predictive Analytics Answer - Will it happen in the future? What is the
probability something will happen? Is it forecastable?
Prescriptive Analytics Answer - What should we do, based on what we expect
will happen? How do we optimize our performance based on potential
constraints?
Master the Data Answer - Can the data answer/address the question?
Does the data exhibit data integrity (accurate, valid and consistent)?
