TEST BANK FOR ISE Data Analytics for Accounting 3rd Edition by Vernon Richardson Professor, Katie L. Terrell , Ryan A. Teeter.ISBN:978-1265094454 COMPLETE GUIDE ALL CHAPTERS COVERED 100% VERIFIED A+ GRADE ASSURED!!!!! NEW LSTEST UPDATE!!!!!

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,DataAnalytics forAccounting, 3rd Edition by Vernon Richardson, Teeter
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Chapter 01 3e pf pf
Answers Included pf pf




TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
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1) Data analytics is the process of evaluating data with the purpose of drawing conclusions to
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address business questions.
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⊚ true
⊚ false


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


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


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


5) Data analytics allows auditors to glean insights that are beneficial to the client, without br
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eeching independence.
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⊚ true
⊚ false


6) The predictive analytics is an important aspect of data analytics for auditors, but is not ap
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plicable for tax accountants.
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⊚ true
⊚ false


7) The I in IMPACT Cycle represents Identify the Question.
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2

, ⊚ true
⊚ false


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


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


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


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


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


13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new qu
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estions are identified.
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⊚ true
⊚ false


14) Data analysis through data manipulation is performing basic analysis to understand the q
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uality of the underlying data and its ability to address the business question.
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⊚ true
⊚ false




3

, 15) To be proficient in data analysis, accountants need to become data scientists.
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⊚ true
⊚ false


16) By developing an analytics mindset, accountants will be able to recognize when and how da
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ta analytics can address business questions.
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⊚ true
⊚ false


17) While it is important for accountants to clearly articulate the business problem, drawing ap
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propriate conclusions, based on the data, should be left to statisticians.
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⊚ true
⊚ false


18) Analytic-
minded accountants should report results of analysis in an accessible way to each varied decis ion
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maker and their specific needs.
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⊚ true
⊚ false


MULTIPLE CHOICE - pf pf




Choose the one alternative that best completes the statement or answers the question.
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19) With a goal to give organizations the information they need to make sound and timely bu
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siness decisions, data analytics often involves all of the following except:
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A) technologies.
B) statistics.
C) strategies.
D) databases.



20) Patterns discovered from pf pf




blank enable businesses to identify opportunities and risks and better plan for
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