MGMT 373 Exam 2 Questions and Answers Already Passed Latest Update

MGMT 373 Exam 2 Questions and Answers Already Passed Latest Update Bloom's Taxonomy-Accountants skills - Answers create evaluate analyze apply understand remember where accountants must play - Answers create evaluate analyze where machines excel - Answers apply understand remember create - Answers combining parts to make a new whole evaluate - Answers judging the value of the information analyze - Answers breakings down information into component parts apply - Answers applying the facts, rules, concepts, and ideas understanding - Answers understanding what the facts mean remember - Answers recognizing and recalling facts AMPS Model - Answers Ask the question Master the data Perform the analysis Share the story (back to beginning) Data vs information - Answers Data is processed into information Data - Answers consists of facts and statistics about a person or object that are collected for reference or analysis. Structured data - Answers Excel spreadsheets Relational databases OLAP cube Unstructured - Answers No specific schema Schema typically set at query Tends to be text heavy Big date - Answers refers to extremely large and complex data sets Small data - Answers is accessible, concise and workable or is contained in a small device Types of analytics - Answers descriptive, diagnostic, predictive, prescriptive descriptive analytics - Answers what has happened diagnostic analytics - Answers why did it happen predictive analytics - Answers what is likely to happen prescriptive analytics - Answers how should we act Descriptive ex - Answers Use various functions in Excel to determine the age of accounts receivable Diagnostics ex - Answers Use variance analysis identifying expense accounts fluctuating +/- 10% from budget Predictive - Answers Current trend in sales indicates next years sales will be $2 billion Prescriptive - Answers Use machine learning to evaluate a new lease and appropriate classification under GAAP Characteristics of Useful Information - Answers Relevance Faithful Representation (i.e., reliable/accurate) Complete Timeliness Understandability Verifiability Comparability Accessibility At the beginning of the COVID-19 pandemic, the U.S. was behind many other countries in testing people for the virus. News reports said that people with symptoms struggled for access to tests. Lack of testing availability resulted in reports of COVID cases that bore no resemblance to the reality of how much the virus had really spread. Consequently, there was fear and uncertainty. - Answers relavance This characteristic strongly factors into the reason for reporting land and buildings at historical cost in a company's balance sheet, even though this value may bear no resemblance to the fair market value of the asset. - Answers faithful representation In the income statement, sales transactions included in the revenue amount are those, and only those, that reflect the revenue earned during the period—no more, no less. - Answers