D552 DATA ANALYTICS FOR ACCOUNTANTS I REVIEW UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

D552 DATA ANALYTICS FOR ACCOUNTANTS I REVIEW
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS

Question:
1. the process of evaluating data with the purpose of drawing conclusiions to address business questions
Answer:
Data Analytics

Question:
2. What does data analytics provide?
Answer:
a way to search through large structured and unstructured data to identify unknown patterns or
relationships

Question:
3. data that do not adhere to a predefined data model in a tabular format
Answer:
Untructured Data

Question:
4. data that are organized and reside in a fixed field with a record or a file, readily searchable by search
algorithms
Answer:
Structured Data

Question:
5. datasets that are too large and complex for businessses existing systems to handle utilizing their
traditional capabilities to capture, store, manage, and analyze these datasets
Answer:
Big Data

Question:
6. What are the 4 V's of big data?
Answer:
Volume, Velocity, Veracity, and Variety

Question:
7. the sheer size of the data
Answer:
Volume

Question:
8. the speed of data processing

,Answer:
Velocity

Question:
9. the number of the types of different data q
Answer:
Variety

Question:
10. the underlying quality of the data
Answer:
Veracity

Question:
11. Companies use data analysis to:
Answer:
discover the various buying patterns of their customers, investigate anomalies that were not anticipated,
forecast future possibilities, etc.

Question:
12. The study from McKinsey Gobal institute estimated that data analytics and technology could generate
how much in value per year?
Answer:
$2 million

Question:
13. According to Forbes Insights/KPMG's report "Audit 2020: A focus on change", the vast majority of
respondents believe that:
Answer:
1. Audits must better embrace technology
2. Technology will enhance the aulity, transparency, and accuracy of the audit

Question:
14. Responsibilities of Management Accountants:
Answer:
1) asked questions by management
2) find data to address those questions
3) analyze the data
4) report the results to management to aid in their decision making

Question:
15. 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

Question:
16. Who created the IMPACT cycle?

, Answer:
Isson and Harriot

Question:
17. Steps to the IM- PACT cycle?
Answer:
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

Question:
18. What attributes should be considered when identifying the question?
Answer:
Audience, Scope, and Use

Question:
19. To master the data, you should know:
Answer:
everythign 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.

Question:
20. 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

Question:
21. How much time to data analytics professionals estimate they spend cleaning the data so it can be
analyzed?
Answer:
between 50% and 90%

Question:
22. Characeristics that might suggest use of different data approaches are: