TEST BANK For Data Analytics for Accounting, 3rd Edition by Vernon Richardson (Complete Chapters 1 - 9) | Complete Guide.

SOLUTIONMANUAL
Data Analytics for Accounting, 3rd Edition
by Vernon Richardson, Chapters 1 - 9




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,Chapter 1: Data Analytics for Accounting and Identifying the Questions
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i Chapter 3: Performing the Test Plan and Analyzing the Results Chapter 4: Communicating Results and
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i Visualizations
Chapter 5: The Modern Accounting Environment Chapter 6: Audit Data Analytics
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Chapter 7: Managerial Analytics
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Chapter 8: Financial Statement Analytics Chapter 9: Tax Analytics
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,Solutions Manual – Chapter 1 i i i i




Solutions to Multiple Choice Questions
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1. (LO 1-1) Big Data is often described by the four Vs, or
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a. volume, velocity, veracity, and variability.
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b. volume, velocity, veracity, and variety.
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c. volume, volatility, veracity, and variability.
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d. variability, velocity, veracity, and variety.
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Answer: b i




2. LO 1-4) Which data approach attempts to assign each unit in a population into a
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small set ofclasses (or groups) where the unit best fits?
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a. Regression
b. Similarity matching i



c. Co-occurrence grouping i



d. Classification

Answer: d i




3. (LO 1-4) Which data approach attempts to identify similar individuals based on
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data knownabout them?
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a. Classification
b. Regression
c. Similarity matching i



d. Datareduction i




Answer: c i




4. (LO 1-4) Which data approach attempts to predict connections between two data
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items?
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a. Profiling
b. Classification
c. Link prediction i



d. Regression




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, Answer: c i




5. (LO 1-6) Which of these terms is defined as being a central repository of descriptions for all
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iof the data attributes of the dataset?
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a. Big Data
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b. Data warehouse i



c. Data dictionary i



d. Data Analytics i




Answer: c i




6. (LO 1-5) Which skills were not emphasized that analytic-minded accountants should have?
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a. Developed an analytics mindset i i i



b. Data scrubbing and data preparation
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c. Classification of test approaches i i i



d. Statistical data analysis competency i i i




Answer: c i




7. (LO 1-5) In which areas were skills not emphasized for analytic-minded accountants?
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a. Data quality i



b. Descriptive data analysis i i



c. Data visualization and data reporting
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d. Data and systems analysis and design
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Answer: d i




8. (LO 1-4) The IMPACT cycle includes all except the following steps:
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a. perform test plan. i i



b. visualize the data. i i



c. master the data. i i



d. track outcomes. i




Answer: b i




9. (LO 1-4) The IMPACT cycle specifically includes all except the following steps:
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a. data preparation.
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b. communicate insights. i



c. address and refine results. i i i



d. perform test plan. i i




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