SOLUTION MANUAL FOR DATA ANALYTICS FOR
ACCOUNTING, 3RD EDITION BY VERNON
RICHARDSON ALL CHAPTERS INCLUDED 1-9|
VERIFIED SOLUTIONS FOR EXAM PREPARATIONS|
A+ GRADED
Page | 1
, 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.
ANS: 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
ANS: 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
ANS: c
4. (lo 1-4) which data approach attempts to predict connections between two data items?
a. profiling
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,b. classification
c. link prediction
d. regression
ANS: 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?
a. big data
b. data warehouse
c. data dictionary
d. data analytics
ANS: 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
ANS: 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
ANS: d
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, 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.
ANS: 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.
ANS: a
10. lo 1-1) by the year 2024, the volume of data created, captured, copied, and consumed worldwide
will be 149 .
a. zettabytes
b. petabytes
c. exabytes
d. yottabytes
ANS: a
solutions to discussion and analysis questions
1. the accounting function is one of being an information provider. to the extent that data is available to
address accounting questions, be they tax, managerial, audit or financial questions. with such rich
available data, and software tools to prepare and analyze the data, data analytics will continue to be an
important tool for accountants to use.
Page | 4
ACCOUNTING, 3RD EDITION BY VERNON
RICHARDSON ALL CHAPTERS INCLUDED 1-9|
VERIFIED SOLUTIONS FOR EXAM PREPARATIONS|
A+ GRADED
Page | 1
, 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.
ANS: 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
ANS: 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
ANS: c
4. (lo 1-4) which data approach attempts to predict connections between two data items?
a. profiling
Page | 2
,b. classification
c. link prediction
d. regression
ANS: 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?
a. big data
b. data warehouse
c. data dictionary
d. data analytics
ANS: 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
ANS: 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
ANS: d
Page | 3
, 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.
ANS: 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.
ANS: a
10. lo 1-1) by the year 2024, the volume of data created, captured, copied, and consumed worldwide
will be 149 .
a. zettabytes
b. petabytes
c. exabytes
d. yottabytes
ANS: a
solutions to discussion and analysis questions
1. the accounting function is one of being an information provider. to the extent that data is available to
address accounting questions, be they tax, managerial, audit or financial questions. with such rich
available data, and software tools to prepare and analyze the data, data analytics will continue to be an
important tool for accountants to use.
Page | 4
