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Data and Analytics in Accounting Integrated Study Guide by Dzuranin Geerts Lenk | High-Score Study Material How is the accounting profession changing? - answer - Routine tasks are increasingly automated while accountants perform more high-level analysis and data analytics. What accounting tasks are increasingly automated? - answer - Routine tasks such as journal entries and financial reporting. How have professional accounting examinations changed? - answer - Professional examinations now include data analytics topics. What is data? - answer - Raw facts that have been collected. What is information? - answer - Data that has been transformed into useful or actionable knowledge. What are the three steps from data to insight? - answer - Collect raw facts, transform them into information, and analyze the information for insights. What is Self-Service Business Intelligence (SSBI)? - answer - Tools that allow accountants to analyze data independently. What are examples of SSBI tools? - answer - Alteryx, Microsoft Excel, Power BI, and Tableau. What is one goal of SSBI? - answer - To make data analysis accessible and simple for non-technical users. What can SSBI tools perform? - answer - Data preparation, analysis, and reporting. What tasks can Alteryx automate? - answer - Importing, cleaning, filtering, and exporting data. How can analytics improve auditing? - answer - It allows population-wide analysis, reduces client time, and supports high-value analysis. What are challenges of analytics in auditing? - answer - Technology investment, skill gaps, and large data volumes. How can visualizations help auditors? - answer - They quickly identify anomalies that may require investigation. What can anomalies indicate in auditing? - answer - Potential misstatements that need attention. How can analytics be used in financial accounting? - answer - Dashboards can monitor organizational financial health and support real-time decisions. What is a KPI? - answer - A key performance indicator used to monitor organizational performance. What is one limitation of financial accounting dashboards? - answer - They may have limited scope. What is a risk associated with financial accounting analytics? - answer - Data security risks involving sensitive financial data. How can analytics support strategic decisions? - answer - By tracking trends, visualizing performance, and providing financial details for decision-making. How can analytics be used for product performance? - answer - To evaluate sales trends, profit margins, categories, subcategories, and profitability. How is analytics used in tax accounting? - answer - To analyze tax efficiency, automate data gathering, and monitor global tax positions in real time. What are benefits of analytics in tax accounting? - answer - Compliance efficiency, global planning, data automation, and real-time monitoring. What are challenges of tax analytics? - answer - Implementation cost, data security, and skill gaps. What are the three stages of the data analysis process? - answer - Plan, Analyze, and Report. What happens during the Plan stage? - answer - The accountant determines the motivation, objective, and strategy of the project. What is motivation in a data analytics project? - answer - The reason the analysis is being performed. What is an objective in a data analytics project? - answer - The specific goal the analysis is intended to accomplish. What is strategy in a data analytics project? - answer - The approach used to accomplish the objective. What are the four types of data analysis? - answer - Descriptive, Diagnostic, Predictive, and Prescriptive analysis. What is Descriptive Analysis? - answer - Understanding current trends and patterns. What question does Descriptive Analysis answer? - answer - What happened? What is Diagnostic Analysis? - answer - Identifying the root causes of past events. What question does Diagnostic Analysis answer? - answer - Why did it happen?
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- October 17, 2026
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