Test Bank for Data Analytics for Accounting, 3rd Edition by Vernon Richardson (Complete Chapters 1 - 9)

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,Test Bank Data Analytics for Accounting, 3rd Edition by Vernon Richardson, Teeter



Chapter 01 3e Answers Included ✅

TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Data analytics is the process of evaluating data with the purpose of drawing conclusions
to address business questions.
⊚ true
⊚ false


2) The process of data analytics aims to transform raw information into data to create value.
?M
⊚ true
⊚ false
ED
3) Data analytics has the potential to transform the manner in which companies run their
businesses, however it is not practical in the near future.
⊚ true
⊚ false
SO

4) Auditors can use social media to hear what customers are saying about a company and
LU
compare this to inventory obsolescence and other estimates.
⊚ true
⊚ false
TI

5) Data analytics allows auditors to glean insights that are beneficial to the client, without
ON

breeching independence.
⊚ true
⊚ false
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6) The predictive analytics is an important aspect of data analytics for auditors, but is not
applicable for tax accountants.
⊚ true
⊚ false


7) The I in IMPACT Cycle represents Identify the Question.




1

, ⊚ true
⊚ false


8) The M in IMPACT Cycle represents Master the Data.
⊚ true
⊚ false


9) The P in IMPACT Cycle represents Predict the Results.
?M

⊚ true
⊚ false
ED

10) The A in IMPACT Cycle represents Analyze the Data.
⊚ true
⊚ false
SO

11) The C in IMPACT Cycle represents Continuously Track.
⊚ true
LU

⊚ false
TI
12) The T in IMPACT Cycle represents Track Outcomes.
⊚ true
⊚
ON
false


13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new
questions are identified.
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⊚ true
⊚ false


14) Data analysis through data manipulation is performing basic analysis to understand the
quality of the underlying data and its ability to address the business question.
⊚ true
⊚ false



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