ACCT 550 EXAM #1 STUDY GUIDE
virtual private network - Answers - What does VPN stand for?
big data - Answers - a collection of data sets that are so large or complex that it is
impossible to analyze them with traditional databases and tools, sources include: bank
transactions, financial and market reports, invoices, etc
volume - Answers - characteristic of big data that pertains to it's size; terabytes,
petabytes, and zetabytes are used in big data as opposed megabytes and gigabytes in
"not so big data"
variety - Answers - characteristic of big data involving the fact that it is unstructured (ex:
text, voice, video) as opposed to the structured and relational aspects of "not so big
data"
velocity - Answers - characteristic of big data that means the data is in motion
(streaming) as opposed to "not so big data" which is data in rest
veracity - Answers - characteristic of big data that makes it untrusted and uncleansed as
opposed to "not so big data" which is trusted and cleansed (extraction)
big data spectrum - Answers - states that in the future auditors will be analyzing non-
financial data on a routine basis such as through email maintenance to understand
areas of risk, particularly fraud risk
analytics - Answers - means of extracting value from data, assessment of data with
technology tools
human element - Answers - despite the increased sophistication of the data and
analytics, the most important aspect continues to be the ___ ___ including critical
thinking and judgment
analytics mindset - Answers - the ability to ask the right questions, Extract, Transform
and Load relevant data (ETL process), apply appropriate data analytics techniques, and
interpret/share results with stakeholders
extraction - Answers - part of the ETL process that includes what data to ask for how to
ask for it, what format you need it in
transformation - Answers - part of the ETL process that involves converting data from
one format to another to load it into the analytics tool, includes making certain that only
the data needed is used and that it is complete and accurate
virtual private network - Answers - What does VPN stand for?
big data - Answers - a collection of data sets that are so large or complex that it is
impossible to analyze them with traditional databases and tools, sources include: bank
transactions, financial and market reports, invoices, etc
volume - Answers - characteristic of big data that pertains to it's size; terabytes,
petabytes, and zetabytes are used in big data as opposed megabytes and gigabytes in
"not so big data"
variety - Answers - characteristic of big data involving the fact that it is unstructured (ex:
text, voice, video) as opposed to the structured and relational aspects of "not so big
data"
velocity - Answers - characteristic of big data that means the data is in motion
(streaming) as opposed to "not so big data" which is data in rest
veracity - Answers - characteristic of big data that makes it untrusted and uncleansed as
opposed to "not so big data" which is trusted and cleansed (extraction)
big data spectrum - Answers - states that in the future auditors will be analyzing non-
financial data on a routine basis such as through email maintenance to understand
areas of risk, particularly fraud risk
analytics - Answers - means of extracting value from data, assessment of data with
technology tools
human element - Answers - despite the increased sophistication of the data and
analytics, the most important aspect continues to be the ___ ___ including critical
thinking and judgment
analytics mindset - Answers - the ability to ask the right questions, Extract, Transform
and Load relevant data (ETL process), apply appropriate data analytics techniques, and
interpret/share results with stakeholders
extraction - Answers - part of the ETL process that includes what data to ask for how to
ask for it, what format you need it in
transformation - Answers - part of the ETL process that involves converting data from
one format to another to load it into the analytics tool, includes making certain that only
the data needed is used and that it is complete and accurate
