Test Bank - Data Analytics for Accounting, 3rd Edition By Vernon Richardson

TEST BANK
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Data Analytics for Accounting, 3rd Edition
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by Vernon Richardson, Chapters 1 – 9
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,Chapter 1: Data Analytics for Accounting and Identifying the Questions
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Chapter 2: Mastering the Data
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Chapter 3: Performing the Test Plan and Analyzing the Results Chapter 4:
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Communicating Results and Visualizations
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Chapter 5: The Modern Accounting Environment Chapter 6: Audit
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Data Analytics
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Chapter 7: Managerial Analytics
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Chapter 8: Financial Statement Analytics Chapter 9: Tax
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Analytics
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,Answers are at the End of Each Chapter
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Chapter 01: v


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1) Data analytics is the process of evaluating data with the purpose of drawing
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conclusions toaddress business questions.
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2) The
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process
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3) Data analytics has the potential to transform the manner in which
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companies run theirbusinesses, however it is not practical in the near
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future.
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4) Auditors can use social media to hear what customers are saying about a
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company andcompare this to inventory obsolescence and other
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estimates.
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5) Data analytics allows auditors to glean insights that are beneficial to
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the client, withoutbreeching independence.
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, 6) The predictive analytics is an important aspect of data analytics for
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auditors, but is notapplicable for tax accountants.
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7) The I in IMPACT Cycle represents Identify the Question.
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8) The M in IMPACT Cycle represents Master the Data.
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9) The P in IMPACT Cycle represents Predict the Results.
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10) The A in IMPACT Cycle represents Analyze the Data.
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11) The C in IMPACT Cycle represents Continuously Track.
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12) The T in IMPACT Cycle represents Track Outcomes.
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