Solution Manual For Data Analytics for Accounting, 3rd Edition by Vernon Richardson, Katie L. Terrell, Ryan A. Teeter||All Chapters.

TEST BANK FOR f f




Data Analytics for Accounting, 3rd Edition Richardson Chapter
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1-9
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Answers are at the End of Each Chapter
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Chapter 01: f



Student name: f



1) Data analytics is the process of evaluating data with the purpose of drawing conclusions to
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address business questions.
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⊚ true f



⊚ false f




2) The process of data analytics aims to transform raw information into data to create value.
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⊚ true f


⊚ false f




3) Data analytics has the potential to transform the manner in which companies run their
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businesses, however it is not practical in the near future.
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⊚ true f



⊚ false f




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


⊚ false f




5) Data analytics allows auditors to glean insights that are beneficial to the client, without
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breeching independence.
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⊚ true f



⊚ false f

,6) The predictive analytics is an important aspect of data analytics for auditors, but is not
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fapplicable for tax accountants. f f f


⊚ true f



⊚ false f




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



⊚ false f




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


⊚ false f




9) The P in IMPACT Cycle represents Predict the Results.
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⊚ true f



⊚ false f




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



⊚ false f




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



⊚ false f




12) The T in IMPACT Cycle represents Track Outcomes.
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⊚ true f



⊚ false f

,13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new
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fquestions are identified. f f


⊚ true f



⊚ false f




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



⊚ false f




15) To be proficient in data analysis, accountants need to become data scientists.
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⊚ true f



⊚ false f




16) By developing an analytics mindset, accountants will be able to recognize when and how
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fdata analytics can address business questions.
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⊚ true f


⊚ false f




17) While it is important for accountants to clearly articulate the business problem, drawing
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fappropriate conclusions, based on the data, should be left to statisticians.
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⊚ true f



⊚ false f




18) Analytic-minded accountants should report results of analysis in an accessible way to each
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fvaried decision maker and their specific needs.
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⊚ true f



⊚ false f

, 19) With a goal to give organizations the information they need to make sound and timely
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fbusiness decisions, data analytics often involves all of the following except:
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A) technologies.
B) statistics.
C) strategies.
D) databases.



20) Patterns discovered from
f f f enable businesses to identify opportunities and risks
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fand better plan for
f .
f f f



A) past archives; the future f f f


B) current data; the future f f f


C) current data; today f f


D) past archives; today f f




21) Which of the following best describes the goal of descriptive data analysis:
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A) recognize what is meant by data quality, be it completeness, reliability or validity
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B) perform basic analysis to understand the quality of the underlying data and its ability to
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address the business question
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C) demonstrate ability to sort, rearrange, merge, and reconfigure data in a manner that
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allows enhanced analysis
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D) comprehend the process needed to clean and prepare the data before analysis f f f f f f f f f f f




22) Which of the following Microsoft software tool specializes in data joining?
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A) Excel
B) Power Query f


C) Power BI f


D) Power Automate f




23) Which of the following Microsoft software tools specializes in creating dashboards?
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A) Excel
B) Power Query f


C) Power BI f


D) Power Automate f