Solution Manual For Data Analytics for Accounting, 3rd Edition by Vernon Richardson, Ryan Teeter and Katie Terrell

SOLUTIONMANUAL u




DataAnalytics for Accounting, 3rd Edition
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by Vernon Richardson,Chapters 1 - 9
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,Chapter 1: Data Analytics for Accounting and Identifying the Questions Chapter 2: Mastering the Data
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Chapter 3: Performing the Test Plan and Analyzing the Results Chapter 4: Communicating Results and
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Visualizations
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Chapter 5: The Modern Accounting Environment Chapter 6: Audit Data
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Analytics
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Chapter 7: Managerial Analytics
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Chapter 8: Financial Statement Analytics 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. u u u u




Answer: b u




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



c. Co-occurrence grouping u



d. Classification

Answer: d u




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




a. Classification
b. Regression
c. Similaritymatching u



d. Data reduction u




Answer: c u




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 u



d. Regression




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, Answer: c u




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. Data warehouse
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c. Data dictionary
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d. Data Analytics
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Answer: c u




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



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



d. Statistical data analysis competencyu u u




Answer: c u




7. (LO 1-5) In which areas were skills not emphasized for analytic-minded accountants?
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a. Data quality
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b. Descriptive data analysis u u



c. Data visualization and data reporting
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d. Data and systems analysis and design
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Answer: d u




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



b. visualize the data. u u



c. master the data.u u



d. track outcomes.
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Answer: b u




9. (LO 1-4) The IMPACT cycle specifically includes all except the following steps:
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a. data preparation.
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b. communicate insights. u



c. address and refine results. u u u



d. perform test plan. u u




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