WGU D552 DATA ANALYTICS FOR
ACCOUNTANTS I REVIEW 136 QUESTIONS
AND CORRECT ANSWERS
◉ a way to search through large structured and unstructured data to
identify unknown patterns or relationships.
Answer: What does data analytics provide?
◉ Untructured Data.
Answer: data that do not adhere to a predefined data model in a
tabular format
◉ Structured Data.
Answer: data that are organized and reside in a fixed field with a
record or a file, readily searchable by search algorithms
◉ Big Data.
Answer: 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
◉ Volume, Velocity, Veracity, and Variety.
,Answer: What are the 4 V's of big data?
◉ Volume.
Answer: the sheer size of the data
◉ Velocity.
Answer: the speed of data processing
◉ Variety.
Answer: the number of the types of different data q
◉ Veracity.
Answer: the underlying quality of the data
◉ discover the various buying patterns of their customers,
investigate anomalies that were not anticipated, forecast future
possibilities, etc..
Answer: Companies use data analysis to:
◉ $2 million.
Answer: The study from McKinsey Gobal institute estimated that
data analytics and technology could generate how much in value per
year?
, ◉ 1. Audits must better embrace technology
2. 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:
◉ 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.
Answer: Responsibilities of Management Accountants:
◉ integrating the strategy with the IT department and gaining
access to available technology tools.
Answer: What do 29% of tax departments find the biggest challenge
related to executing an analytics strategy?
◉ Isson and Harriot.
Answer: Who created the IMPACT cycle?
◉ 1) I - Identify the Questions
2) M - master the data
ACCOUNTANTS I REVIEW 136 QUESTIONS
AND CORRECT ANSWERS
◉ a way to search through large structured and unstructured data to
identify unknown patterns or relationships.
Answer: What does data analytics provide?
◉ Untructured Data.
Answer: data that do not adhere to a predefined data model in a
tabular format
◉ Structured Data.
Answer: data that are organized and reside in a fixed field with a
record or a file, readily searchable by search algorithms
◉ Big Data.
Answer: 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
◉ Volume, Velocity, Veracity, and Variety.
,Answer: What are the 4 V's of big data?
◉ Volume.
Answer: the sheer size of the data
◉ Velocity.
Answer: the speed of data processing
◉ Variety.
Answer: the number of the types of different data q
◉ Veracity.
Answer: the underlying quality of the data
◉ discover the various buying patterns of their customers,
investigate anomalies that were not anticipated, forecast future
possibilities, etc..
Answer: Companies use data analysis to:
◉ $2 million.
Answer: The study from McKinsey Gobal institute estimated that
data analytics and technology could generate how much in value per
year?
, ◉ 1. Audits must better embrace technology
2. 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:
◉ 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.
Answer: Responsibilities of Management Accountants:
◉ integrating the strategy with the IT department and gaining
access to available technology tools.
Answer: What do 29% of tax departments find the biggest challenge
related to executing an analytics strategy?
◉ Isson and Harriot.
Answer: Who created the IMPACT cycle?
◉ 1) I - Identify the Questions
2) M - master the data
