Data Analytics in Accounting and Business QUESTIONS AND VERIFIED CORRECT ANSWERS
What are the three V's of big data? - (ANSWER)Volume, Variety, Velocity
The process of evaluating data with the purpose of drawing conclusions to address business questions is
defined as:
- Data Processing
- Data Analytics
- Big Data
- Accounting - (ANSWER)Data Analytics
Asking questions like "Are our customers paying us in a timely manner" would be the first step in which
of the following processes?
- IMPACT cycle
- Business Intelligence
- Systems Analysis and Design
- Data Analytics - (ANSWER)IMPACT cycle
Which would NOT be considered as one of the seven skills that analytic-minded accountants should
have?
- Defining and addressing problems through statistical data analysis
- Data analysis conducted via use of SQL and Tableau
- Data scrubbing and data preparation
- Data visualization and Data Reporting - (ANSWER)Data analysis conducted via use of SQL and Tableau
Financial accounting often has challenges with valuation and estimation in all but the following area:
- goodwill
- accounts payable
- accounts receivable
- inventory - (ANSWER)Accounts payable
, Data Analytics in Accounting and Business QUESTIONS AND VERIFIED CORRECT ANSWERS
The firm practice of monitoring competitors, customers and suppliers to better understand its
opportunities and threats is called:
- data analytics
- big data
- business intelligence
- information technology - (ANSWER)Business intelligence
Tax compliance deals primarily with filing tax returns. In contrast, tax planning primarily helps:
- minimize the amount of taxes paid
- minimize the cost of filing taxes
- maximize the amount of sales tax collected - (ANSWER)Minimize the amount of taxes paid
As part of mastering the data, data analysts perform data [ ] to provide a sense of the reliability of the
data
- analysis
- preparation and scrubbing
- validation and completeness
- normalization - (ANSWER)Validation and completeness
The "T" as part of the IMPACT cycle stands for:
- Time to Rethink Analysis
- Technology
- Track Outcomes
- Transfer Knowledge - (ANSWER)Track Outcomes
Slicing and dicing the data, finding correlations, revising and rerunning the analysis would be considered
to be part of which stage of the IMPACT cycle?
- Identify the Question
- Master the Data
What are the three V's of big data? - (ANSWER)Volume, Variety, Velocity
The process of evaluating data with the purpose of drawing conclusions to address business questions is
defined as:
- Data Processing
- Data Analytics
- Big Data
- Accounting - (ANSWER)Data Analytics
Asking questions like "Are our customers paying us in a timely manner" would be the first step in which
of the following processes?
- IMPACT cycle
- Business Intelligence
- Systems Analysis and Design
- Data Analytics - (ANSWER)IMPACT cycle
Which would NOT be considered as one of the seven skills that analytic-minded accountants should
have?
- Defining and addressing problems through statistical data analysis
- Data analysis conducted via use of SQL and Tableau
- Data scrubbing and data preparation
- Data visualization and Data Reporting - (ANSWER)Data analysis conducted via use of SQL and Tableau
Financial accounting often has challenges with valuation and estimation in all but the following area:
- goodwill
- accounts payable
- accounts receivable
- inventory - (ANSWER)Accounts payable
, Data Analytics in Accounting and Business QUESTIONS AND VERIFIED CORRECT ANSWERS
The firm practice of monitoring competitors, customers and suppliers to better understand its
opportunities and threats is called:
- data analytics
- big data
- business intelligence
- information technology - (ANSWER)Business intelligence
Tax compliance deals primarily with filing tax returns. In contrast, tax planning primarily helps:
- minimize the amount of taxes paid
- minimize the cost of filing taxes
- maximize the amount of sales tax collected - (ANSWER)Minimize the amount of taxes paid
As part of mastering the data, data analysts perform data [ ] to provide a sense of the reliability of the
data
- analysis
- preparation and scrubbing
- validation and completeness
- normalization - (ANSWER)Validation and completeness
The "T" as part of the IMPACT cycle stands for:
- Time to Rethink Analysis
- Technology
- Track Outcomes
- Transfer Knowledge - (ANSWER)Track Outcomes
Slicing and dicing the data, finding correlations, revising and rerunning the analysis would be considered
to be part of which stage of the IMPACT cycle?
- Identify the Question
- Master the Data
