Richardson, Teeter, Terrell – Data Analytics for Accounting, 3e
Solutions Manual – Chapter 1
Solutions to Multiple Choice Questions
1. (LO 1-1) Big Data is often described by the four Vs, or
a. volume, velocity, veracity, and variability.
b. volume, velocity, veracity, and variety.
c. volume, volatility, veracity, and variability.
d. variability, velocity, veracity, and variety.
Answer: b
2. LO 1-4) Which data approach attempts to assign each unit in a population into a small set of
classes (or groups) where the unit best fits?
a. Regression
b. Similarity matching
c. Co-occurrence grouping
d. Classification
Answer: d
3. (LO 1-4) Which data approach attempts to identify similar individuals based on data known
about them?
a. Classification
b. Regression
c. Similarity matching
d. Data reduction
Answer: c
4. (LO 1-4) Which data approach attempts to predict connections between two data items?
a. Profiling
b. Classification
c. Link prediction
d. Regression
Answer: c
5. (LO 1-6) Which of these terms is defined as being a central repository of descriptions for all of
the data attributes of the dataset?
1
, Richardson, Teeter, Terrell – Data Analytics for Accounting, 3e
a. Big Data
b. Data warehouse
c. Data dictionary
d. Data Analytics
Answer: c
6. (LO 1-5) Which skills were not emphasized that analytic-minded accountants should have?
a. Developed an analytics mindset
b. Data scrubbing and data preparation
c. Classification of test approaches
d. Statistical data analysis competency
Answer: c
7. (LO 1-5) In which areas were skills not emphasized for analytic-minded accountants?
a. Data quality
b. Descriptive data analysis
c. Data visualization and data reporting
d. Data and systems analysis and design
Answer: d
8. (LO 1-4) The IMPACT cycle includes all except the following steps:
a. perform test plan.
b. visualize the data.
c. master the data.
d. track outcomes.
Answer: b
9. (LO 1-4) The IMPACT cycle specifically includes all except the following steps:
a. data preparation.
b. communicate insights.
c. address and refine results.
d. perform test plan.
Answer: a
10. LO 1-1) By the year 2024, the volume of data created, captured, copied, and consumed
worldwide will be 149 ________ .
2
Solutions Manual – Chapter 1
Solutions to Multiple Choice Questions
1. (LO 1-1) Big Data is often described by the four Vs, or
a. volume, velocity, veracity, and variability.
b. volume, velocity, veracity, and variety.
c. volume, volatility, veracity, and variability.
d. variability, velocity, veracity, and variety.
Answer: b
2. LO 1-4) Which data approach attempts to assign each unit in a population into a small set of
classes (or groups) where the unit best fits?
a. Regression
b. Similarity matching
c. Co-occurrence grouping
d. Classification
Answer: d
3. (LO 1-4) Which data approach attempts to identify similar individuals based on data known
about them?
a. Classification
b. Regression
c. Similarity matching
d. Data reduction
Answer: c
4. (LO 1-4) Which data approach attempts to predict connections between two data items?
a. Profiling
b. Classification
c. Link prediction
d. Regression
Answer: c
5. (LO 1-6) Which of these terms is defined as being a central repository of descriptions for all of
the data attributes of the dataset?
1
, Richardson, Teeter, Terrell – Data Analytics for Accounting, 3e
a. Big Data
b. Data warehouse
c. Data dictionary
d. Data Analytics
Answer: c
6. (LO 1-5) Which skills were not emphasized that analytic-minded accountants should have?
a. Developed an analytics mindset
b. Data scrubbing and data preparation
c. Classification of test approaches
d. Statistical data analysis competency
Answer: c
7. (LO 1-5) In which areas were skills not emphasized for analytic-minded accountants?
a. Data quality
b. Descriptive data analysis
c. Data visualization and data reporting
d. Data and systems analysis and design
Answer: d
8. (LO 1-4) The IMPACT cycle includes all except the following steps:
a. perform test plan.
b. visualize the data.
c. master the data.
d. track outcomes.
Answer: b
9. (LO 1-4) The IMPACT cycle specifically includes all except the following steps:
a. data preparation.
b. communicate insights.
c. address and refine results.
d. perform test plan.
Answer: a
10. LO 1-1) By the year 2024, the volume of data created, captured, copied, and consumed
worldwide will be 149 ________ .
2
