Test Bank for Introduction to Data Analytics for Accounting, 2nd Edition Vernon Richardson and Terrell Chapters 1-13 Covered

,ACCESS Test Bank for Introduction to Data Analytics for Accounting 2nd Editio
B B B B B B B B B B B

n Richardson B

Richardson,BTerrell,BTeeterB–BIntroductionBtoBDataBAnalyticsBforBAccounting,B2ndB EditionB–BChapterB1




Chapter 1 End-of-Chapter Assignment Solutions
B B B B




Multiple Choice Questions
B B



1. (LOB1-2)BWhichBisBtheBlowestBlevelBofBcriticalBthinkingBskillsBinBBloom’sBTaxonomy?
a. Create
b. Remember
c. Apply
d. Analyze
2. (LOB1-2)BWhichBisBtheBhighestBlevelBofBcriticalBthinkingBskillsBinBBloom’sBTaxonomy?
a. Create
b. Apply
c. Analyze
d. Understand
3. (LOB1-
2)BWhichBisBtheBappropriateBorderingBofBcriticalBthinkingBskillsBinBBloom’sBTaxo
nomy,BwhereBtheB“>”BsymbolBmeansBhigherBorderBskills?
a. RememberB>BApply
b. ApplyB>BAnalyze
c. AnalyzeB>BEvaluate
d. CreateB>BAnalyze
4. (LOB1-3)BWhichBstepBofBtheBAMPSBmodelBmostBappropriatelyBaddressesBtheBaxiom,
“YourBdataBwon’tBspeakBunlessByouBaskBitBtheBrightBdataBanalyticsBquestions”?
a. AskBtheBQuestion
b. MasterBtheBData
c. PerformBtheBAnalysis
d. ShareBtheBStory
5. (LOB1-
3)BWhichBstepBofBtheBAMPSBmodelBmostBappropriatelyBaddressesBtheBquestionBofBth
eBbestBwayBtoBcommunicateBdataBanalyticsBfindingsBwithBaBdecisionBmaker?
a. AskBtheBQuestion
b. MasterBtheBData
c. PerformBtheBAnalysis
d. ShareBtheBStory
6. (LOB1-
3)BWhatBtypeBofBquestionBisBpredictingBwhetherBaBcompanyBwillBgoBbankruptBinBtheBc
omingBtwoByears?
a. WhatBhappened?BWhatBisBhappening?
b. WhyBdidBitBhappen?BWhatBareBtheBrootBcausesBofBpastBresults?
c. WillBitBhappenBinBtheBfuture?BWhatBisBtheBprobabilityBsomethingBwill
Bhappen?BIsBitBforecastable?




©BMcGrawBHillBLLC.BAllBrightsBreserved.BNoBreproductionBorBdistributionBwithoutBtheBpriorBwrittenBconsentBofBMcGrawBHill
BLLC.

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,ACCESS Test Bank for Introduction to Data Analytics for Accounting 2nd Editio
B B B B B B B B B B B

n Richardson B

Richardson,BTerrell,BTeeterB–BIntroductionBtoBDataBAnalyticsBforBAccounting,B2ndB EditionB–BChapterB1


d. WhatBshouldBweBdoBbasedBonBwhatBweBexpectBwillBhappen?BHowBdoBwe
optimizeBourBperformanceBbasedBonBpotentialBconstraints?”
7. (LOB1-
3)BWhatBtypeBofBquestionBisBchoosingBtoBtakeBcertainBtaxBdeductionsBbasedBonBtheBw
ayBmanagersBbelieveBtaxBlegislationBwillBchangeBinBtheBnearBfuture?
a. WhatBhappened?BWhatBisBhappening?
b. WhyBdidBitBhappen?BWhatBareBtheBrootBcausesBofBpastBresults?
c. WillBitBhappenBinBtheBfuture?BWhatBisBtheBprobabilityBsomethingBwillBhappen?
BIsBitBforecastable?

d. WhatBshouldBweBdoBbasedBonBwhatBweBexpectBwillBhappen?B HowBdoBwe
optimizeBourBperformanceBbasedBonBpotentialBconstraints?”
8. (LOB1-
3)BWhatBtypeBofBquestionBisBfindingBtheBdetailBtoBmoreBclearlyBunderstandBwhyBnetBin
comeBisBdecreasingBwhenBrevenuesBareBincreasing?
a. WhatBhappened?BWhatBisBhappening?
b. WhyBdidBitBhappen?BWhatBareBtheBrootBcausesBofBpastBresults?
c. WillBitBhappenBinBtheBfuture?BWhatBisBtheBprobabilityBsomethingBwillBhappen?
BIsBitBforecastable?

d. WhatBshouldBweBdoBbasedBonBwhatBweBexpectBwillBhappen?BHowBdoBwe
optimizeBourBperformanceBbasedBonBpotentialBconstraints?”
9. (LOB1-
4)BWhatBvisualizationBtypeBisBmostBappropriateBforBevaluatingBtheBrelationshipsBbetw
eenBvalues?
a. BarBchart
b. PieBchart
c. Histogram
d. Scatterplot
10. (LOB1-5)BWhichBofBtheBfollowingBsoftwareBtoolsBspecializeBinBdataBvisualizations?
a. SPSSBandBPowerBQuery
b. AlteryxBandBTableauBPrep
c. PowerBBIBandBTableau
d. RBandBPython



Discussion Questions
B



1. (LOB1-
1)BTheBcomputerBisBbetterBatBautomated,BrepetitiveBtasksBsinceBitBcanBbeBpr
ogrammed.B TheBcomputerBisBalsoBnotBsubjectBtoBfatigueBandBcanBprocessBm
assiveBamountsBofBdataBeasierBthanBaBhumanBcan.B MostBofBtheBvalue-
addedBtasksBandBhigherBorderBthinkingBskills,BsuchBasBanalyzing,BevaluatingB
andBcreating,BareBperformedBbetterBbyBhumanBaccountantsBbecauseBtheyBar
eBnotBeasilyBprogrammedBbyBaBsetBofBfixedBrules.B TheBability
©BMcGrawBHillBLLC.BAllBrightsBreserved.BNoBreproductionBorBdistributionBwithoutBtheBpriorBwrittenBconsentBofBMcGrawBHillB
LLC.
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, ACCESS Test Bank for Introduction to Data Analytics for Accounting 2nd Editio
B B B B B B B B B B B

n Richardson B

Richardson,BTerrell,BTeeterB–BIntroductionBtoBDataBAnalyticsBforBAccounting,B2ndB EditionB–BChapterB1


toBrecognizeBtradeoffs,BevaluatingBalternatives,BandBevaluatingBadBhocBfactsBar
eBallBbetterBperformedBbyBhumans.
2. (LOB1-
2)BTheBskillsBtaughtBinBtheBintroductionBtoBfinancialBaccountingBwereBtheBlo
werBorderBthinkingBskillsB(notedBinBBloom’sBTaxonomy)BsuchBasBrememberi
ng,BunderstandingBandBapplying.B ApplicationBofBjournalBentries,Bcomputing
BtrialBbalances,BrecordingBtransactions,BbankBreconciliation,Betc.BareBallBexa

mplesBofBlowerBorderBskills.
3. (LOB1-
3)BAccountantsBunderstandBtheBtradeoffsBbetweenBrelevantBdataBandBreliab
leBdataB(suchBasBthatBdataBwhichBmightBexhibitBmoreBrepresentationalBfaithf
ulness).
AccountantsBalsoBunderstandBtheBtradeoffsBbetweenBunstructuredBandBstruct
uredBdata,BdataBinternalBorBexternalBtoBtheBcompany,BandBevenBtheBpotentialBc
ostBofBacquiringBandBprocessingBtheBdataBasBcomparedBtoBtheBpotentialBvalueB
providedBbyBuseBofBtheBdata.
4. (LOB1-
3)BMasteringBtheBdataBincludesBaccessing,Bcleaning,BandBtransformingBtheBd
ataBtoBprepareBtheBdataBforBanalysis.
5. (LOB1-
3)BDataBanalyticsBmightBbeBviewedBasBsuccessivelyBpeelingBtheBlayerBofBanBoni
on.BByBpeelingBtheBfirstBlayerBofBtheBonion,ByouBnowBareBableBtoBseeBtheBnextBl
ayerBandBevaluateBitBandBremoveBitBtoBgetBtoBtheBthirdBlayer,Betc.B OftenBtimes
,BtheBAMPSBmodelBmustBbeBperformedBmultipleBtimes,BrefiningBtheBquestionB(
AskBtheBQuestion),BpossiblyBconsideringBdifferentBtypesBofBdataB(MasterBtheB
Data),BperformingBadditionalBanalysisB(PerformBtheBAnalysis)BandBretellingBth
eBstoryBinBeachBiterationB(SharingBtheBStory)BbeforeBtheBissue/problem/challe
ngeBcanBbeBfinallyBaddressedBwithBsomeBconfidence.
6. (LOB1-
3)BDescriptiveBanalysisBreportsBwhatBhappened.B Generally,BevaluatingBtheBr
evenuesBandBearningsBperformanceBstartsBwithBdescriptiveBanalysisBandBcont
inuesBwithBdiagnosticBanalysisBtoBunderstandB“WhyBitBhappened?”.
7. (LOB1-4,BLOB1-
5)BDataBacquisitionBandBpreparationBsoftwareBtoolsBlikeBSQLBandBAlteryxBwo
rkBtoBgetBtheBdataBreadyBforBanalysis.B DataBvisualizationBsoftwareBtoolsBwor
kBtoBbothBanalyzeBdataB(asBpartBofB"PerformBtheBAnalysis"BinBtheBAMPSBmode
l)BandBtoBcommunicateBresultsB(asBpartBofB"ShareBtheBStory"BinBtheBAMPSBm
odel).


Brief Exercises
B



1. (LO1-1,BLO1-2):BMatchBtheBdataBanalyticsBtermBtoBitsBdataBanalyticsBdefinition:



©BMcGrawBHillBLLC.BAllBrightsBreserved.BNoBreproductionBorBdistributionBwithoutBtheBpriorBwrittenBconsentBofBMcGrawBHill
BLLC.

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