Solution Manual For Data Analytics for Accounting, 3rd Edition Richardson

SOLUTIONMANUAL v




DataAnalyticsforAccounting,3rdEdition
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byVernon Richardson,Chapters1 -9
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,Chapter 1: Data Analyticsfor Accounting andIdentifying theQuestions Chapter 2: Mastering the Data
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Chapter 3: Performing the Test Plan and Analyzing the Results Chapter4:CommunicatingResultsandVisualizations
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Chapter 5: The Modern AccountingEnvironment Chapter 6: Audit DataAnalytics
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Chapter7: ManagerialAnalytics
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Chapter 8: FinancialStatementAnalytics Chapter 9: Tax Analytics
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,Solutions Manual – Chapter 1
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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. v v v v




Answer: b v




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




c. Co-occurrencegrouping v




d. Classification

Answer: d v




3. (LO 1-4) Which data approach attempts to identify similar individuals based on data
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vknownabout them? v




a. Classification
b. Regression
c. Similaritymatching v




d. Datareduction v




Answer: c v




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




d. Regression




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, Answer: c v




5. (LO 1-6) Which of these terms is defined as being a central repository of descriptions for all of the
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data attributes of the dataset?
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a. Big Data
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b. Datawarehouse
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c. Data dictionary
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d. DataAnalytics
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Answer: c v




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




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




d. Statistical data analysis competency v v v




Answer: c v




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




b. Descriptivedata analysis v v




c. Data visualization and data reporting
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d. Data and systems analysis anddesign
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Answer: d v




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




b. visualize the data. v v




c. master the data.v v




d. trackoutcomes.
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Answer: b v




9. (LO 1-4) The IMPACT cycle specifically includes all except the following steps:
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a. datapreparation.
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b. communicateinsights. v




c. address and refine results.
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d. perform test plan. v v




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