WGU D552 Data Analytics for Accountants
I Actual Exam Study Guide (Questions and
Verified Answers) | Latest Edition
1. What does data analytics provide? - ANSWER A way to search through
large structured and unstructured data to identify unknown patterns or
relationships
2. Unstructured Data - ANSWER data that do not adhere to a predefined data
model in a tabular format
3. Structured Data - ANSWER data that are organized and reside in a fixed
field with a record or a file, readily searchable by search algorithms
4. To master the data, you should know: - ANSWER everything about the
data, including how to access, availability, reliability, frequency of updates,
what time periods are covered to make sure data coincide with the timing of
the business problem and so on.
5. To give some idea about the data questions, you may want to consider:
ANSWER
- reviewing data availability in a firm's internal systems
- reviewing data availability in a firm's external network
- examine data dictionaries and other contextual data
- evaluate and perform ETL processes and assess the time required to
complete
- assess data validation and completeness to provide a sense of
reliability
- evaluate and perform data normalization - to reduce data redundancy
and improve data integrity
- evaluate and perform data preparation and scrubbing -
,6. How much time to data analytics professionals estimate they spend cleaning
the data so it can be analyzed? ANSWER between 50% and 90% -
7. Characteristics that might suggest use of different data approaches are:
ANSWER
- the research question
- the model
- the data availability
- the expected statistical inference
8. Similarity Matching - ANSWER a data approach that attempts to identify
similar individuals based on data known about them
9. Link Prediction - ANSWER attempts to predict a relationship between 2
items
10.Ways to communicate results of data analysis: ANSWER
- the use of executive summaries
- static reports
- digital dashboards
- data visualizations –
11.Accountants must know how to (in relation to data analytics): ANSWER
1) clearly articulate the business problem the company is facing
2) communicate with data scientists about specific data needs
and understand the underlying quality of the data
3) draw appropriate conclusions to the business problem based
on the data and make recommendations on a timely basis
4) present their results to individual members of management
(CEO's, audit managers, etc.) in an accessible manner to each
, member - ANSWER Accountants must know how to (in
relation to data analytics):
12.What skills should analytic-minded accountants have? ANSWER
Developed Analytics Mindset
Data Scrubbing and Data Presentation
Data Quality
Descriptive Data Analysis
Data Analysis through Data Manipulation
Statistical Data Analysis Competency
Data Visualization and Data Reporting
13.Developed Analytics Mindset - ANSWER know when and how data
analytics can address business questions
14.Big Data - ANSWER datasets that are too large and complex for businesses
existing systems to handle utilizing their traditional capabilities to capture,
store, manage, and analyze these datasets
15.What are the 4 V's of big data? ANSWER Volume, Velocity, Veracity, and
Variety
16.Volume - ANSWER the sheer size of the data
17.Velocity - ANSWER the speed of data processing
18.Variety - ANSWER the number of the types of different data q
, 19.Veracity - ANSWER the underlying quality of the data
20.Companies use data analysis to: ANSWER discover the various buying
patterns of their customers, investigate anomalies that were not anticipated,
forecast future possibilities, etc. - ANSWER Companies use data analysis
to:
21.The study from McKinsey Global institute estimated that data analytics and
technology could generate how much in value per year? - ANSWER $2
million
- Audits must better embrace technology
- Technology will enhance the aulity, transparency, and accuracy of the
audit - ANSWER According to Forbes Insights/KPMG's report
"Audit 2020: A focus on change", the vast majority of respondents
believe that:
22.What do 29% of tax departments find the biggest challenge related to
executing an analytics strategy? ANSWER integrating the strategy with the
IT department and gaining access to available technology tools -
23. Who created the IMPACT cycle? - ANSWER Isson and Harriot
1) I - Identify the Questions
2) M - master the data
3) P - perform test plans
4) A - address and refine results
5) C - communicate insights
6) T - track outcomes - ANSWER Steps to the IMPACT cycle
I Actual Exam Study Guide (Questions and
Verified Answers) | Latest Edition
1. What does data analytics provide? - ANSWER A way to search through
large structured and unstructured data to identify unknown patterns or
relationships
2. Unstructured Data - ANSWER data that do not adhere to a predefined data
model in a tabular format
3. Structured Data - ANSWER data that are organized and reside in a fixed
field with a record or a file, readily searchable by search algorithms
4. To master the data, you should know: - ANSWER everything about the
data, including how to access, availability, reliability, frequency of updates,
what time periods are covered to make sure data coincide with the timing of
the business problem and so on.
5. To give some idea about the data questions, you may want to consider:
ANSWER
- reviewing data availability in a firm's internal systems
- reviewing data availability in a firm's external network
- examine data dictionaries and other contextual data
- evaluate and perform ETL processes and assess the time required to
complete
- assess data validation and completeness to provide a sense of
reliability
- evaluate and perform data normalization - to reduce data redundancy
and improve data integrity
- evaluate and perform data preparation and scrubbing -
,6. How much time to data analytics professionals estimate they spend cleaning
the data so it can be analyzed? ANSWER between 50% and 90% -
7. Characteristics that might suggest use of different data approaches are:
ANSWER
- the research question
- the model
- the data availability
- the expected statistical inference
8. Similarity Matching - ANSWER a data approach that attempts to identify
similar individuals based on data known about them
9. Link Prediction - ANSWER attempts to predict a relationship between 2
items
10.Ways to communicate results of data analysis: ANSWER
- the use of executive summaries
- static reports
- digital dashboards
- data visualizations –
11.Accountants must know how to (in relation to data analytics): ANSWER
1) clearly articulate the business problem the company is facing
2) communicate with data scientists about specific data needs
and understand the underlying quality of the data
3) draw appropriate conclusions to the business problem based
on the data and make recommendations on a timely basis
4) present their results to individual members of management
(CEO's, audit managers, etc.) in an accessible manner to each
, member - ANSWER Accountants must know how to (in
relation to data analytics):
12.What skills should analytic-minded accountants have? ANSWER
Developed Analytics Mindset
Data Scrubbing and Data Presentation
Data Quality
Descriptive Data Analysis
Data Analysis through Data Manipulation
Statistical Data Analysis Competency
Data Visualization and Data Reporting
13.Developed Analytics Mindset - ANSWER know when and how data
analytics can address business questions
14.Big Data - ANSWER datasets that are too large and complex for businesses
existing systems to handle utilizing their traditional capabilities to capture,
store, manage, and analyze these datasets
15.What are the 4 V's of big data? ANSWER Volume, Velocity, Veracity, and
Variety
16.Volume - ANSWER the sheer size of the data
17.Velocity - ANSWER the speed of data processing
18.Variety - ANSWER the number of the types of different data q
, 19.Veracity - ANSWER the underlying quality of the data
20.Companies use data analysis to: ANSWER discover the various buying
patterns of their customers, investigate anomalies that were not anticipated,
forecast future possibilities, etc. - ANSWER Companies use data analysis
to:
21.The study from McKinsey Global institute estimated that data analytics and
technology could generate how much in value per year? - ANSWER $2
million
- Audits must better embrace technology
- Technology will enhance the aulity, transparency, and accuracy of the
audit - ANSWER According to Forbes Insights/KPMG's report
"Audit 2020: A focus on change", the vast majority of respondents
believe that:
22.What do 29% of tax departments find the biggest challenge related to
executing an analytics strategy? ANSWER integrating the strategy with the
IT department and gaining access to available technology tools -
23. Who created the IMPACT cycle? - ANSWER Isson and Harriot
1) I - Identify the Questions
2) M - master the data
3) P - perform test plans
4) A - address and refine results
5) C - communicate insights
6) T - track outcomes - ANSWER Steps to the IMPACT cycle
