TEST BANK FOR Data and Analytics in
Accounting An Integrated Approach | Sure To
Pass | Already Graded A+ | Latest Release
1. What is SQL used for in data analysis?
Answer: To extract the precise columns (variables) and rows needed to answer the data
analysis problem.
2. What are the three stages of the data analysis process?
Answer: Plan, Analyze, and Report.
3. What are records in a database table?
Answer: The rows in a table; each row, or record, corresponds to a unique instance of what is
being described in the table.
4. How is the p-value used in a hypothesis test?
Answer: It is compared against alpha; if p ≤ alpha, you reject the null hypothesis.
5. Which accounting and non-accounting data sources are considered for data analysis?
Answer: Financial statements, macroeconomic statistics, supply chain data, and financial
analyst reports.
6. In Chapter 1, what is interval data?
Answer: Numeric data with meaningful, equal intervals, but where zero is arbitrary and does
not mean “nothing” (e.g., temperature).
7. What is clustering?
Answer: An unsupervised approach that groups similar data points together without a
predefined target.
8. What does a row represent in a relational database table?
Answer: A single record or entry.
9. What is a single-dimensional analysis?
Answer: An analysis focused on one variable.
Page 1 of 35
,10. What is an attribute in a relation?
Answer: A named column (field) of a relation. The order of attributes has no significance.
11. What is one limitation of financial accounting dashboards?
Answer: They may have limited scope.
12. Name the statistical and summarization tools used for descriptive analytics.
Answer: Counts – show how frequently an attempt occurs.
Totals, sums, averages, subtotals – summarize measures of performance.
Minimums, maximums, medians, standard deviations – summarize measures showing extreme
values to help explain what happened.
Graphs and histograms.
Percentage change from one period to the next, using vertical analytics, horizontal analytics, or
common-size financial statements.
Ratio analytics (return on assets, return on sales/profit margin, asset turnover, debt-to-equity) –
calculate important financial ratios for comparison.
13. What are examples of database elements in accounting?
Answer: Resources such as inventory, events such as sales, and agents such as employees.
14. What two types of results can a statistical test of hypotheses produce?
Answer: The p-value and/or confidence intervals.
15. Name the four tools accountants need.
Answer: Spreadsheets, Queries, Scripting, and Visualizations.
16. How can analytics support strategic decisions?
Answer: By tracking trends, visualizing performance, and providing financial details for
decision-making.
17. What is sensitivity analytics?
Answer: Evaluation of outcomes based on uncertainty regarding the inputs.
18. What is an ERP system?
Answer: An Enterprise Resource Planning system that integrates applications across a business
(accounting, HR, manufacturing, etc.).
Page 2 of 35
,19. What is a relational database?
Answer: A collection of logically related data stored in individual tables that are linked
together.
20. What questions are asked when weighing the cost of acquiring versus the benefit of
using the data?
Answer: Who owns the data? Is the data hard to access?
21. What did the OSS regional profit analysis reveal about Mexico?
Answer: Profits were decreasing in Mexico.
22. In database terms, what is a measure?
Answer: Any attribute that is characterized as numerical.
23. What is Altman's Z-Score used for in auditing?
Answer: A predictive model used to classify companies by bankruptcy probability.
24. Which SQL JOIN returns all records from the left table, and the matched records
from the right table?
Answer: LEFT (OUTER) JOIN.
25. What does a positive correlation mean?
Answer: The variables tend to increase together.
26. What can anomalies indicate in auditing?
Answer: Potential misstatements that need attention.
27. What typically happens in the conference calls whose transcripts are an accounting
data source?
Answer: The CEO and CFO typically hold a chat to discuss recent quarterly results (or other
matters).
28. In Chapter 1, what is ratio data?
Answer: Numeric data with equal intervals and a meaningful zero, where zero means total
absence of the quantity (e.g., revenue).
Page 3 of 35
, 29. Which field connects one table to another by referencing a primary key (“Who am I
connected to?”)?
Answer: The foreign key.
30. What is data completeness?
Answer: Checking whether all expected data records were obtained (e.g., expected 10,000, got
9,500).
31. What does a Full Join return?
Answer: All rows from both tables, using Null when no match exists.
32. What question does Diagnostic Analysis answer?
Answer: Why did it happen?
33. Finding what data is available to answer our question is part of which AMPS step?
Answer: Mastering the Data.
34. What is a dimension?
Answer: A variable used to drill down or disaggregate an analysis measure.
35. What does Tableau require, and does it allow input of data?
Answer: Tableau requires access to another data source. It does not allow input of data.
36. What happens during the Analyze stage?
Answer: Data is extracted, transformed, loaded, and analyzed.
37. Which three kinds of data are listed under Variety in the Four V's?
Answer: Unstructured, semi-structured, and structured.
38. What is overfitting?
Answer: When a model fits training data too closely by memorizing noise, resulting in poor
performance on new data.
39. What happens during the Plan stage?
Answer: The accountant determines the motivation, objective, and strategy of the project.
Page 4 of 35
Accounting An Integrated Approach | Sure To
Pass | Already Graded A+ | Latest Release
1. What is SQL used for in data analysis?
Answer: To extract the precise columns (variables) and rows needed to answer the data
analysis problem.
2. What are the three stages of the data analysis process?
Answer: Plan, Analyze, and Report.
3. What are records in a database table?
Answer: The rows in a table; each row, or record, corresponds to a unique instance of what is
being described in the table.
4. How is the p-value used in a hypothesis test?
Answer: It is compared against alpha; if p ≤ alpha, you reject the null hypothesis.
5. Which accounting and non-accounting data sources are considered for data analysis?
Answer: Financial statements, macroeconomic statistics, supply chain data, and financial
analyst reports.
6. In Chapter 1, what is interval data?
Answer: Numeric data with meaningful, equal intervals, but where zero is arbitrary and does
not mean “nothing” (e.g., temperature).
7. What is clustering?
Answer: An unsupervised approach that groups similar data points together without a
predefined target.
8. What does a row represent in a relational database table?
Answer: A single record or entry.
9. What is a single-dimensional analysis?
Answer: An analysis focused on one variable.
Page 1 of 35
,10. What is an attribute in a relation?
Answer: A named column (field) of a relation. The order of attributes has no significance.
11. What is one limitation of financial accounting dashboards?
Answer: They may have limited scope.
12. Name the statistical and summarization tools used for descriptive analytics.
Answer: Counts – show how frequently an attempt occurs.
Totals, sums, averages, subtotals – summarize measures of performance.
Minimums, maximums, medians, standard deviations – summarize measures showing extreme
values to help explain what happened.
Graphs and histograms.
Percentage change from one period to the next, using vertical analytics, horizontal analytics, or
common-size financial statements.
Ratio analytics (return on assets, return on sales/profit margin, asset turnover, debt-to-equity) –
calculate important financial ratios for comparison.
13. What are examples of database elements in accounting?
Answer: Resources such as inventory, events such as sales, and agents such as employees.
14. What two types of results can a statistical test of hypotheses produce?
Answer: The p-value and/or confidence intervals.
15. Name the four tools accountants need.
Answer: Spreadsheets, Queries, Scripting, and Visualizations.
16. How can analytics support strategic decisions?
Answer: By tracking trends, visualizing performance, and providing financial details for
decision-making.
17. What is sensitivity analytics?
Answer: Evaluation of outcomes based on uncertainty regarding the inputs.
18. What is an ERP system?
Answer: An Enterprise Resource Planning system that integrates applications across a business
(accounting, HR, manufacturing, etc.).
Page 2 of 35
,19. What is a relational database?
Answer: A collection of logically related data stored in individual tables that are linked
together.
20. What questions are asked when weighing the cost of acquiring versus the benefit of
using the data?
Answer: Who owns the data? Is the data hard to access?
21. What did the OSS regional profit analysis reveal about Mexico?
Answer: Profits were decreasing in Mexico.
22. In database terms, what is a measure?
Answer: Any attribute that is characterized as numerical.
23. What is Altman's Z-Score used for in auditing?
Answer: A predictive model used to classify companies by bankruptcy probability.
24. Which SQL JOIN returns all records from the left table, and the matched records
from the right table?
Answer: LEFT (OUTER) JOIN.
25. What does a positive correlation mean?
Answer: The variables tend to increase together.
26. What can anomalies indicate in auditing?
Answer: Potential misstatements that need attention.
27. What typically happens in the conference calls whose transcripts are an accounting
data source?
Answer: The CEO and CFO typically hold a chat to discuss recent quarterly results (or other
matters).
28. In Chapter 1, what is ratio data?
Answer: Numeric data with equal intervals and a meaningful zero, where zero means total
absence of the quantity (e.g., revenue).
Page 3 of 35
, 29. Which field connects one table to another by referencing a primary key (“Who am I
connected to?”)?
Answer: The foreign key.
30. What is data completeness?
Answer: Checking whether all expected data records were obtained (e.g., expected 10,000, got
9,500).
31. What does a Full Join return?
Answer: All rows from both tables, using Null when no match exists.
32. What question does Diagnostic Analysis answer?
Answer: Why did it happen?
33. Finding what data is available to answer our question is part of which AMPS step?
Answer: Mastering the Data.
34. What is a dimension?
Answer: A variable used to drill down or disaggregate an analysis measure.
35. What does Tableau require, and does it allow input of data?
Answer: Tableau requires access to another data source. It does not allow input of data.
36. What happens during the Analyze stage?
Answer: Data is extracted, transformed, loaded, and analyzed.
37. Which three kinds of data are listed under Variety in the Four V's?
Answer: Unstructured, semi-structured, and structured.
38. What is overfitting?
Answer: When a model fits training data too closely by memorizing noise, resulting in poor
performance on new data.
39. What happens during the Plan stage?
Answer: The accountant determines the motivation, objective, and strategy of the project.
Page 4 of 35
