Data Analytics for Accounting 1st edition by Vernon Richardson Test bank

,DatamAnalyticsmformAccounting,m1em(Richardson)mChapt
erm1m DatamAnalyticsminmAccountingmandmBusiness

1) Datamanalyticsmismthemprocessmofmevaluatingmdatamwithmthempurposemofmdrawingmconclusions
mtomaddressmbusinessmquestions.




Answer:m TRUEmDiff
iculty:m1mEasy
Topic:m DefinemDatamAnalytics
LearningmObjective:m 01-
01mDefinemDatamAnalytics.mBloom's:m Remember
AACSB:m ReflectivemThinking
AICPA:m BBmIndustry;mFNmDecisionmMaking

2) Themprocessmofmdatamanalyticsmaimsmtomtransformmrawminformationmintomdatamtomcreatemvalue.

Answer:m FALSEmDif
ficulty:m1mEasy
Topic:m DefinemDatamAnalytics
LearningmObjective:m 01-
01mDefinemDatamAnalytics.mBloom's:m Remember
AACSB:m ReflectivemThinking
AICPA:m BBmIndustry;mFNmDecisionmMaking

3) Datamanalyticsmhasmthempotentialmtomtransformmthemmannerminmwhichmcompaniesmrunmth
eirmbusinesses;mhowever,mitmismnotmpracticalminmthemnearmfuture.

Answer:m FALSEmDif
ficulty:m1mEasy
Topic:m HowmDatamAnalyticsmAffectsmBusiness
LearningmObjective:m 01-
02mUnderstandmwhymDatamAnalyticsmmattersmtombusiness.mBloom's:m Remember
AACSB:m ReflectivemThinking
AICPA:m BBmIndustry;mFNmDecisionmMaking

4) Auditorsmcanmusemsocialmmediamtomhearmwhatmcustomersmaremsayingmaboutmamcompanyma
ndmcomparemthismtominventorymobsolescencemandmothermestimates.

Answer:m TRUEmDiff
iculty:m2mMedium
Topic:m FinancialmReporting
LearningmObjective:m 01-
03mExplainmwhymDatamAnalyticsmmattersmtomaccountants.mBloom's:m Understand
AACSB:m ReflectivemThinking
AICPA:m BBmIndustry;mFNmDecisionmMaking


1
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.

,5) Datamanalyticsmallowsmauditorsmtomgleanminsightsmthatmarembeneficialmtomthemclient,mwitho
utmbreachingmindependence.

Answer:m TRUEmDiff
iculty:m2mMediummTo
pic:m Auditing
LearningmObjective:m 01-
03mExplainmwhymDatamAnalyticsmmattersmtomaccountants.mBloom's:m Remember
AACSB:m ReflectivemThinking
AICPA:m BBmIndustry;mFNmDecisionmMaking

6) Thempredictivemanalyticsmismanmimportantmaspectmofmdatamanalyticsmformauditors,mbutmism
notmapplicablemformtaxmaccountants.

Answer:mFALSEm
Difficulty:m1mEas
ymTopic:m Tax
LearningmObjective:m 01-
03mExplainmwhymDatamAnalyticsmmattersmtomaccountants.mBloom's:m Understand
AACSB:m ReflectivemThinking
AICPA:m BBmIndustry;mFNmDecisionmMaking

7) ThemIminmIMPACTmCyclemrepresentsmIdentifymthemQuestion.

Answer:m TRUEmDiff
iculty:m2mMedium
Topic:m ThemDatamAnalyticsmProcessmUsingmthemImpactmCycle
LearningmObjective:m 01-
04mDescribemthemDatamAnalyticsmProcessmUsingmthemIMPACTmCycle.mBloom's:m Remember
AACSB:m ReflectivemThinking
AICPA:m BBmIndustry;mFNmDecisionmMaking

8) ThemMminmIMPACTmCyclemrepresentsmMastermthemData.

Answer:m TRUEmDiff
iculty:m2mMedium
Topic:m ThemDatamAnalyticsmProcessmUsingmthemImpactmCycle
LearningmObjective:m 01-
04mDescribemthemDatamAnalyticsmProcessmUsingmthemIMPACTmCycle.mBloom's:m Remember
AACSB:m ReflectivemThinking
AICPA:m BBmIndustry;mFNmDecisionmMaking




2
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.

, 9) ThemPminmIMPACTmCyclemrepresentsmPredictmthemResults.

Answer:m FALSEmDif
ficulty:m2mMedium
Topic:m ThemDatamAnalyticsmProcessmUsingmthemImpactmCycle
LearningmObjective:m 01-
04mDescribemthemDatamAnalyticsmProcessmUsingmthemIMPACTmCycle.mBloom's:m Remember
AACSB:m ReflectivemThinking
AICPA:m BBmIndustry;mFNmDecisionmMaking

10) ThemAminmIMPACTmCyclemrepresentsmAnalyzemthemData.

Answer:m FALSEmDif
ficulty:m2mMedium
Topic:m ThemDatamAnalyticsmProcessmUsingmthemImpactmCycle
LearningmObjective:m 01-
04mDescribemthemDatamAnalyticsmProcessmUsingmthemIMPACTmCycle.mBloom's:m Remember
AACSB:m ReflectivemThinking
AICPA:m BBmIndustry;mFNmDecisionmMaking

11) ThemCminmIMPACTmCyclemrepresentsmContinuouslymTrack.

Answer:m FALSEmDif
ficulty:m2mMedium
Topic:m ThemDatamAnalyticsmProcessmUsingmthemImpactmCycle
LearningmObjective:m 01-
04mDescribemthemDatamAnalyticsmProcessmUsingmthemIMPACTmCycle.mBloom's:m Remember
AACSB:m ReflectivemThinking
AICPA:m BBmIndustry;mFNmDecisionmMaking

12) ThemTminmIMPACTmCyclemrepresentsmTrackmOutcomes.

Answer:m TRUEmDiff
iculty:m2mMedium
Topic:m ThemDatamAnalyticsmProcessmUsingmthemImpactmCycle
LearningmObjective:m 01-
04mDescribemthemDatamAnalyticsmProcessmUsingmthemIMPACTmCycle.mBloom's:m Remember
AACSB:m ReflectivemThinking
AICPA:m BBmIndustry;mFNmDecisionmMaking




3
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.