Page 1 of 80
ACG3401 EXAM 2 NEWEST 2025 ACTUAL EXAM TEST
BANK| COMPLETE 350 REAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+ (BRAND NEW!!)
2 Data Types (Master the Data) - ANSWER - Numerical: associated
with number and has logical order
Categorical: no logical order and can't be translated to numeric value
Audit Data Standards (ADS) - ANSWER - A standard format for data
files and fields typically needed to support an external audit in a given
financial business process area
developed by American Institute of Certified Public Accountants
Objective of ADS - ANSWER - Produce data in a standard structure that
can be used consistently in financial audits across firms
Benefits of ADS - ANSWER - - reduces time and effort involved in
accessing data
- works well with standard audit and risk tests
- Facilitates testing of full population
- allows software vendors to produce data extraction programs for their
enterprise programs
- connects well with XBRL GL standards
pg. 1
,Page 2 of 80
AMPS: Perform the Analysis - ANSWER - 4 Types of Analysis
Each corresponds to a data analytics question
4 Types of Data Analytics Questions - ANSWER - What happened?
Why did it happen?
Will it happen in the future?
What should we do, based on what we expect will happen?
4 Types of Analysis (AMPS - Perform Analysis) - ANSWER -
Descriptive Analytics
Diagnostic Analytics
Predictive Analytics
Prescriptive Analytics
Descriptive Analytics - ANSWER - Characterizes, summarizes, and
organizes past performance to facilitate understanding
answers the question: what happened?
Functions Employed by Descriptive Analytics - ANSWER - Counts
Sums
Financial Statements
Pivot Tables
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,Page 3 of 80
Diagnostic Analytics - ANSWER - Investigates the underlying cause of
a phenomenon
Used when question can't be answered by simply looking at descriptive
data
answers the question: why did it happen?
Functions Employed by Diagnostic Analytics - ANSWER - Hypothesis
Testing
Variances
Outliers
Predictive Analysis - ANSWER - Provides foresight
Identifies patterns in historical data in order to judge likelihood or
probability
answers the question: will it happen in the future?
Functions Employed by Predictive Analytics - ANSWER - Classification
Regression
Simulation
Prescriptive Analytics - ANSWER - Identifies the best possible options
given constraints or changing conditions
Answers the question: What should we do?
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Functions Employed by Prescriptive Analytics - ANSWER - What-If
Scenarios
Simulation
Potential Benefits of Data Analytics - ANSWER - Generate additional
revenue
Discover patterns, forecast future behavior, investigate anomalies
Scan the environment for opportunities and risks
Steps of AMPS Model - ANSWER - A - ask the question
M- master the data
P - perform the analysis
S - share the story
Alteryx - ANSWER - Used to create repeatable workflows without any
code
Alteryx Workflow Steps - ANSWER - - Input data into the system
- Prepare and Process data (cleanse & join)
- Data transformation
- Outputs reports formatted per department
General Use of Alteryx - ANSWER - Prepare and blend large amounts
of data
pg. 4
ACG3401 EXAM 2 NEWEST 2025 ACTUAL EXAM TEST
BANK| COMPLETE 350 REAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+ (BRAND NEW!!)
2 Data Types (Master the Data) - ANSWER - Numerical: associated
with number and has logical order
Categorical: no logical order and can't be translated to numeric value
Audit Data Standards (ADS) - ANSWER - A standard format for data
files and fields typically needed to support an external audit in a given
financial business process area
developed by American Institute of Certified Public Accountants
Objective of ADS - ANSWER - Produce data in a standard structure that
can be used consistently in financial audits across firms
Benefits of ADS - ANSWER - - reduces time and effort involved in
accessing data
- works well with standard audit and risk tests
- Facilitates testing of full population
- allows software vendors to produce data extraction programs for their
enterprise programs
- connects well with XBRL GL standards
pg. 1
,Page 2 of 80
AMPS: Perform the Analysis - ANSWER - 4 Types of Analysis
Each corresponds to a data analytics question
4 Types of Data Analytics Questions - ANSWER - What happened?
Why did it happen?
Will it happen in the future?
What should we do, based on what we expect will happen?
4 Types of Analysis (AMPS - Perform Analysis) - ANSWER -
Descriptive Analytics
Diagnostic Analytics
Predictive Analytics
Prescriptive Analytics
Descriptive Analytics - ANSWER - Characterizes, summarizes, and
organizes past performance to facilitate understanding
answers the question: what happened?
Functions Employed by Descriptive Analytics - ANSWER - Counts
Sums
Financial Statements
Pivot Tables
pg. 2
,Page 3 of 80
Diagnostic Analytics - ANSWER - Investigates the underlying cause of
a phenomenon
Used when question can't be answered by simply looking at descriptive
data
answers the question: why did it happen?
Functions Employed by Diagnostic Analytics - ANSWER - Hypothesis
Testing
Variances
Outliers
Predictive Analysis - ANSWER - Provides foresight
Identifies patterns in historical data in order to judge likelihood or
probability
answers the question: will it happen in the future?
Functions Employed by Predictive Analytics - ANSWER - Classification
Regression
Simulation
Prescriptive Analytics - ANSWER - Identifies the best possible options
given constraints or changing conditions
Answers the question: What should we do?
pg. 3
, Page 4 of 80
Functions Employed by Prescriptive Analytics - ANSWER - What-If
Scenarios
Simulation
Potential Benefits of Data Analytics - ANSWER - Generate additional
revenue
Discover patterns, forecast future behavior, investigate anomalies
Scan the environment for opportunities and risks
Steps of AMPS Model - ANSWER - A - ask the question
M- master the data
P - perform the analysis
S - share the story
Alteryx - ANSWER - Used to create repeatable workflows without any
code
Alteryx Workflow Steps - ANSWER - - Input data into the system
- Prepare and Process data (cleanse & join)
- Data transformation
- Outputs reports formatted per department
General Use of Alteryx - ANSWER - Prepare and blend large amounts
of data
pg. 4
