Test Bank - Data Analytics for Accounting, 3rd Edition By Vernon Richardson

TESTBANKb




DataAnalyticsforAccounting,3rdEdition
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byVernonRichardson,Chapters1–9
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,Chapter1:DataAnalyticsforAccountingandIdentifyingthe Questions
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Chapter2:MasteringtheData
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Chapter3:PerformingtheTestPlanandAnalyzingthe Results Chapter4:Communicating
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ResultsandVisualizations
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Chapter5:TheModernAccountingEnvironment Chapter6:Audit
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DataAnalytics
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Chapter7:ManagerialAnalytics
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Chapter8:FinancialStatementAnalytics Chapter9:TaxAnalytics
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,AnswersareattheEndofEachChapter
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Chapter01: b




Studentname: b b




1) Dataanalytics isthe processof evaluatingdatawith the purposeof drawing
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conclusions toaddressbusinessquestions.
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2) The
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processof dataanalytics aimsto transformraw informationinto datato create
value.
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3) Dataanalytics hasthe potential to transformthe manner inwhich companies
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run theirbusinesses,howeveritisnotpractical inthenear future.
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4) Auditorscanuse socialmediato hear whatcustomersare sayingabouta
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company andcomparethisto inventoryobsolescence andotherestimates.
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5) Dataanalytics allowsauditorstogleaninsights thatare beneficial tothe
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client, withoutbreechingindependence.
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, 6) Thepredictive analytics isanimportantaspectof data analytics forauditors,
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butis notapplicablefortaxaccountants.
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7) The IinIMPACT Cyclerepresents Identifythe Question.
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8) TheMinIMPACT Cyclerepresents MastertheData.
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9) ThePinIMPACT Cycle representsPredictthe Results.
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10) TheA inIMPACT Cycle represents Analyzethe Data.
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11) TheCinIMPACT Cycle representsContinuouslyTrack.
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12) TheT inIMPACT Cycle represents TrackOutcomes.
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