Solutions Manual for Data and Analytics in Accounting 1st Edition (Dzuranin) | Full Chapters 1–10

1-1

,Solution Manual for uuw uuw




Data and Analytics in Accounting An Integrated Approach 1e Ann
uuw uuw uuw uuw uuw uuw uuw uuw uuw u


C. Dzuranin, Guido Geerts, Margarita Lenk
uw uuw uuw uuw uuw uuw




CHAPTER 1 uuw




DATA AND ANALYTICS IN THE ACCOUNTING PR
uuw uuw uuw uuw uuw uuw




OFESSION

Learning Objectives: uuw



LO 1.1: Summarize how advances in data and technology are impacting accounting prof
uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw



essionals. LO 1.2: Describe the stages of the data analysis process.
uuw uuw u u w uuw uuw uuw uuw uuw uuw uuw



LO 1.3: Identify the skills necessary to perform data analysis.
uuw u u w uuw uuw uuw uuw uuw uuw uuw



LO 1.4: Explain how to apply a data analytics mindset during the data analysis process.
uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw




ANSWERS TO MULTIPLE CHOICE QUESTIONS uuw uuw uuw uuw




1. u u w A 5. u u w B
LOu u w 1.1,u u w BT:u u w K,u u w Difficulty:u u w Easy,u u w TOT:u u w 2u u w min,u u w AACSB:
LOuuw1.2,uuwBT:uuwK,uuwDifficulty:uuwEasy,uuwTOT:uuw2uuwmin,uuwAACSB:uuwKnowledge,uuwAICPAuuwF
u u w Knowledge,u u w AICPAu u w FC:u u w LeverageuuwTechnologyuuwtouuwDevelopuu
w Leverageuuw Technologyuuw tou uw Developuuw anduuw Enhanceuuw Functionaluuw Competencies
wanduuwEnhance uuwFunctional uuwCompetencies


2. u u w C 6. uuw u uw C
LOuuw1.1,uuwBT:uuwK,uuwDifficulty:uuwEasy,uuwTOT:uuw2uuwmin,uuwAACSB:uuwKnowle
dge,uuwAICPAuuwFC:u u w Leverageuuw Technologyuuw touuw Developuuwanduuw Enha
nceuuwFunctionaluuwCompetencies


3. u u w C
LOuuw1.2,uuwBT:uuwK,uuwDifficulty:uuwEasy,uuwTOT:uuw2uuwmin,uuwAACSB:uuwKnowle
dge,uuwAICPAuuwFC:u u w Leverageuuw Technologyuuw tou uw Developuuwanduuw Enha
nceuuw FunctionaluuwCompetencies


4. u u w B
LOuuw1uuw2,uuwBT:uuwK,uuwDifficulty:uuwEasy,uuwTOT:uuw2uuwmin,uuwAACSB:uuwKnowl
edge,uuwAICPAuuwFC:u u w LeverageuuwTechnologyuuw touuw Developuuwanduuw Enh
anceuuwFunctionaluuwCompetencies


1-2

, LOuuw1.2,uuwBT:uuwK,uuwDifficulty:uuwEasy,uuwTOT:uuw2uuwmin,uuwA
ACSB:uuwKnowledge,uuwAICPAuuwFC:u u w Leverageuuw Technolo
gyu u w tou uw Developuuwanduuw Enhanceuuw Functionaluuw Compe
tencies


7.
u u w D
LOuuw1.2,uuwBT:uuwC,uuwDifficulty:uuwMedium,uuwTOT:uuw3uuwmin,u
uwAACSB:uuwAnalytic,uuwAICPAuuwFC:u u w Leverageuuw Technolo

gyuuw touuw Developuuwanduuw Enhanceuuw FunctionaluuwCompet
encies


8.
u u w C
LOuuw1.2,uuwBT:uuwC,uuwDifficulty:uuwMedium,uuwTOT:uuw3uuwmin
,uuwAACSB:uuwAnalytic,uuwAICPAuuwFC:u u w Leverageuuw Techno
logyuu w touuw Developuuwanduuw EnhanceuuwFunctionaluuw Com
petencies


9.
u u w A
LOuuw1.3,uuwBT:uuwK,uuwDifficulty:uuwEasy,uuwTOT:uuw2uuw
min,uuwAACSB:uuwKnowledge,uuwAICPAuuwFC:u u w Leve
rageuuw Technologyu uw touuwDevelopuuwanduuw Enhance
uuw Functionaluuw Competencies




10.D
LOuuw1.3,uuwBT:uuwK,uuwDifficulty:uuwEasy,uuwTOT:uuw2uuwmin,uuwA
ACSB:uuwKnowledge,uuwAICPAuuwFC:u u w Leverageuuw Technolo
gyu uw touuwDevelopuuwanduuw Enhanceuuw Functionaluuw Compet
encies


11.B




1-3

, LOuuw1.3,uuwBT:uuwK,uuwDifficulty:uuwEasy,uuwTOT:uuw2uuwmin,uuwAACSB:uuwKno
wledge,uuwAICPAuuwFC:u u w Leverageuuw Technologyu uw touuwDevelopuuwandu
14.A
uw Enhanceuuw Functionaluuw Competencies
LOuuw1.4,uuwBT:uuwC,uuwDifficulty:uuwMedium,uuwTOT:uuw3uuwmin,uuwAACSB:uuwAnalytic,uu
wAICPAuuwFC:u u w Leverageuuw Technologyu uw touuw Developuuwanduuw Enhanceuuw Fun

ctionaluuw Competencies
12.A
LOuuw1.4,uuwBT:uuwK,uuwDifficulty:uuwEasy,uuwTOT:uuw2uuwmin,uuwAACSB:uuwKno
wledge,uuwAICPAuuwFC:u u w Leverageuuw Technologyu uw touuwDevelopuuwandu
15.B
uw Enhanceuuw Functionaluuw Competencies
LOuuw1.4,uuwBT:uuwC,uuwDifficulty:uuwMedium,uuwTOT:uuw3uuwmin,uuwAACSB:uuwAnalytic,uu
wAICPAuuwFC:u u w Leverageuuw Technologyuu w touuw Developuuw anduuw Enhanceuuw Fun

ctionaluuw Competencies
13.D
LOuuw1.4,uuwBT:uuwK,uuwDifficulty:uuwEasy,uuwTOT:uuw2uuwmin,uuwAACSB:uuwKno
wledge,uuwAICPAuuwFC:u u w Leverageuuw Technologyu uw touuwDevelopuuwandu
uw Enhanceuuw Functionaluuw Competencies




ANSWERS TO REVIEW QUESTIONS uuw uuw uuw




1. Both the CPA exam and the CMA exam have added data analytic content to their exa
uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw


ms. This is in response to what new professionals need to know as they enter the acco
uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw


unting profession. The CPA Exam Evolution is a strong indication of how the accounting p
uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw


rofession is changing. The new CPA exam will have more technology and data analytics q
uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw


uestions in the Core exam, as well as the Discipline exams.
uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw



LOuuw1.1,uuwBT:uuwK,uuwDifficulty:uuwEasy,uuwTOT:uuw6uuwmin,uuwAACSB:uuwKnowledge,uuwAICPAuuwFC:uuwLeverageuuwTechnologyuuwtouuwDevelopuuwanduuwEnhanceuuwFunctionaluuwCompetencies



2.

Changes Accounting Practice Area uuw uuw


1. Ability to use entire data sets to ide
uuw uuw uuw uuw uuw uuw uuw uuw ANS: a. Auditing, c. Managerial accounti
uuw uuw uuw uuw uuw


ntify exceptions, anomalies, and outliers
uuw uuw uuw uuw ng
2. Automation of manual processes
uuw uuw uuw uuw ANS: a., b., c., d. (All areas)
uuw uuw uuw uuw u u w uuw


3. Automation of journal entries
uuw uuw uuw uuw ANS: b. Financial accounting
u u w uuw uuw


4. Risk identification
u u w uuw ANS:. a. Auditing, c. Managerial accou
u u w uuw uuw uuw uuw


nting
5. Forecasting
uuw ANS: b. Financial accounting, c. Manager
uuw uuw uuw uuw uuw


ial accounting
uuw


6. Compliance reporting
uuw uuw ANS: d. Tax accounting
uuw uuw uuw



LOuuw1.1,uuwBT:uuwC,uuwDifficulty:uuwMedium,uuwTOT:uuw8uuwmin,uuwAACSB:uuwAnalytic,uuwAICPAuuwFC:uuwLeverageuuwTechnologyuuwtouuwDevelopuuwanduuwEnhanceuuwFunctionaluuwCompetencies



3. Data are raw facts and figures. Technology helps covert that data into information. Infor
uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw uuw


mation is the knowledge gained from analyzing the data.
uuw uuw uuw uuw uuw uuw uuw uuw



LOuuw1.1,uuwBT:uuwC,uuwDifficulty:uuwMedium,uuwTOT:uuw6uuwmin,uuwAACSB:uuwAnalytic,uuwAICPAuuwFC:uuwLeverageuuwTechnologyuuwtouuwDevelopuuwanduuwEnhanceuuwFunctionaluuwCompetencies



4.


1-4