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

TEST BANK
Data Analytics for Accounting, 3rd Edition by Vernon
Richardson, Chapters 1 – 9

, Table of content
Chapter 1: Data Analytics for Accounting and Identifying the Questions
Chapter 2: Mastering the Data

Chapter 3: Performing the Test Plan and Analyzing the Results

Chapter 4: Communicating Results and Visualizations

Chapter 5: The Modern Accounting Environment

Chapter 6: Audit Data Analytics

Chapter 7: Managerial Analytics

Chapter 8: Financial Statement Analytics

Chapter 9: Tax Analytics

,Answers are at the End of Each Chapter

Chapter 01:
Student name:
1) Data analytics is the process of evaluating data with the purpose of
drawing conclusions toaddress business questions.
⊚ true

⊚ false

2) The process
to create of data analytics aims to transform raw information into data
value.
⊚ true

⊚ false

3) Data analytics has the potential to transform the manner in which
companies run theirbusinesses, however it is not practical in the
near future.
⊚ true

⊚ false

4) Auditors can use social media to hear what customers are saying
about a company andcompare this to inventory obsolescence and
other estimates.
⊚ true

⊚ false

5) Data analytics allows auditors to glean insights that are beneficial
to the client, withoutbreeching independence.
⊚ true

⊚ false

, 6) The predictive analytics is an important aspect of data analytics for
auditors, but is notapplicable for tax accountants.
⊚ true

⊚ false

7) The I in IMPACT Cycle represents Identify the Question.
⊚ true

⊚ false

8) The M in IMPACT Cycle represents Master the Data.
⊚ true

⊚ false

9) The P in IMPACT Cycle represents Predict the Results.
⊚ true

⊚ false

10) The A in IMPACT Cycle represents Analyze the Data.
⊚ true

⊚ false

11) The C in IMPACT Cycle represents Continuously Track.
⊚ true

⊚ false

12) The T in IMPACT Cycle represents Track Outcomes.
⊚ true

⊚ false