ACCT 318 exam 1 || 100% Verified Answers.
Bloom's Taxonomy correct answers hierarchical view of critical thinking skills; from highest
level to lowest: create (combining parts to make a new whole), evaluate (judging the value of
info or ideas), analyze (breaking down info into component parts), apply (applying the facts,
rules, concepts, and ideas), understand (comprehending what the facts mean), remember
(recognizing and recalling facts)
Where accountants must play correct answers create, evaluate, analyze
Where machines excel correct answers apply, understand, remember
Data Analysis correct answers the process of evaluating data with the purpose of drawing
conclusions to address all types of questions, including accounting questions
The AMPS model correct answers ask the question, master the data, perform the analysis, share
the story
ask the question correct answers 4 types: what happened/what is happening? why did it
happen/what are the root causes of past results? will it happen in the future/what is the
probability of something happening/can we forecast it? what should we do based on what we
expect to happen/how do we optimize our performance based on potential constraints?
master the data correct answers relevance vs reliability of data; data integrity; structured vs
unstructured data; internal vs external data; cost of acquiring the data vs value of acquiring the
data
perform the analysis correct answers descriptive, diagnostic, predictive, and prescriptive
analytics; part of analytics is matching the right type of analysis with the right question;
histogram/scatterplot, regression, pivot table, internal rate of return, Benford's law, what-if/goal
seek
, descriptive alaytics correct answers describe what happened or what is happening
diagnostic analytics correct answers describe what something happened or what the root cause of
something was
predictive analytics correct answers predict what might happen in the future or the probability of
something happening
Prescriptive Analytics correct answers predict what we should do based on what we think will
happen
share the story correct answers communicate the results to decision makers; visualizations,
dashboard
visualizations correct answers view info presented in a graph, chart, or other image that might
allow the user to fully grasp the content
dashboard correct answers graphical summary of various measures tracked by a company; static
data (does not change often), dynamic data (changes on a continuous basis)
4 main skills that accountants need correct answers spreadsheets (references, macros, pivot
tables), queries (VLOOKUP in excel, SQL in databases), scripting, visualizations (tableau,
power BI)
accounting data analytics correct answers The technologies, systems, practices, methodologies,
databases,
statistics, and applications used to analyze diverse accounting and
nonaccounting data to give organizations the information they need
to make sound and timely business decisions
Bloom's Taxonomy correct answers hierarchical view of critical thinking skills; from highest
level to lowest: create (combining parts to make a new whole), evaluate (judging the value of
info or ideas), analyze (breaking down info into component parts), apply (applying the facts,
rules, concepts, and ideas), understand (comprehending what the facts mean), remember
(recognizing and recalling facts)
Where accountants must play correct answers create, evaluate, analyze
Where machines excel correct answers apply, understand, remember
Data Analysis correct answers the process of evaluating data with the purpose of drawing
conclusions to address all types of questions, including accounting questions
The AMPS model correct answers ask the question, master the data, perform the analysis, share
the story
ask the question correct answers 4 types: what happened/what is happening? why did it
happen/what are the root causes of past results? will it happen in the future/what is the
probability of something happening/can we forecast it? what should we do based on what we
expect to happen/how do we optimize our performance based on potential constraints?
master the data correct answers relevance vs reliability of data; data integrity; structured vs
unstructured data; internal vs external data; cost of acquiring the data vs value of acquiring the
data
perform the analysis correct answers descriptive, diagnostic, predictive, and prescriptive
analytics; part of analytics is matching the right type of analysis with the right question;
histogram/scatterplot, regression, pivot table, internal rate of return, Benford's law, what-if/goal
seek
, descriptive alaytics correct answers describe what happened or what is happening
diagnostic analytics correct answers describe what something happened or what the root cause of
something was
predictive analytics correct answers predict what might happen in the future or the probability of
something happening
Prescriptive Analytics correct answers predict what we should do based on what we think will
happen
share the story correct answers communicate the results to decision makers; visualizations,
dashboard
visualizations correct answers view info presented in a graph, chart, or other image that might
allow the user to fully grasp the content
dashboard correct answers graphical summary of various measures tracked by a company; static
data (does not change often), dynamic data (changes on a continuous basis)
4 main skills that accountants need correct answers spreadsheets (references, macros, pivot
tables), queries (VLOOKUP in excel, SQL in databases), scripting, visualizations (tableau,
power BI)
accounting data analytics correct answers The technologies, systems, practices, methodologies,
databases,
statistics, and applications used to analyze diverse accounting and
nonaccounting data to give organizations the information they need
to make sound and timely business decisions
