DATA AND Analytics IN Accounting
Practice TEST Questions and Answers
Verified Solutions Latest Update
Question:
What is the A M P S model in data analytics?
Answer:
A framework consisting of four steps: Ask the Question, Master the Data, Perform the
Analysis, Share the Story.
Question:
What type of analysis answers 'What happened?'
Answer:
Descriptive Analytics
Question:
What type of analysis answers 'Why did it happen?'
Answer:
Diagnostic Analytics
Question:
What type of analysis answers 'Will it happen in the future?'
Answer:
Predictive Analytics
Question:
What type of analysis answers 'What should we do?'
Answer:
Prescriptive Analytics
,Question:
Name a basic tool for data analysis and visualization.
Answer:
Excel
Question:
What programming language is used for managing relational databases?
Answer:
SQL
Question:
What is Tableau used for?
Answer:
Creating interactive and shareable dashboards for data visualization.
Question:
What are the two programming languages commonly used for advanced data analysis?
Answer:
R and Python
Question:
What is data integrity?
Answer:
The accuracy, validity, and consistency of data.
Question:
What distinguishes categorical data from numerical data?
Answer:
Categorical data is qualitative, while numerical data is quantitative.
,Question:
What are the four steps of the A M P S model?
Answer:
1. Ask the Question 2. Master the Data 3. Perform the Analysis 4. Share the Story
Question:
What is the significance of critical thinking in accounting?
Answer:
Critical thinking allows accountants to analyze and evaluate information for informed
decision-making.
Question:
What does Bloom's Taxonomy emphasize in the context of data analytics?
Answer:
The importance of higher-order thinking skills such as analyzing, evaluating, and
creating.
Question:
What is the first step in the problem-solving process for data analytics?
Answer:
Ask the Question: Clearly define the problem or question to be answered with data.
Question:
What does 'Master the Data' involve?
Answer:
Assessing data for integrity, completeness, and relevance to the question.
Question:
What are common data visualization types?
Answer:
Histograms, scatterplots, and dashboards.
, Question:
What is the impact of data availability on the accounting profession?
Answer:
Data availability enhances accountants' roles as critical information providers.
Question:
What is the role of automation in accounting?
Answer:
Automation assists in data processing but lacks the expertise that accountants provide.
Question:
What does the term 'Big Data' refer to?
Answer:
Big Data encompasses Volume, Variety, Velocity, and Veracity in data analysis.
Question:
What does Volume refer to in the context of Big Data?
Answer:
The amount of data.
Question:
What does Variety refer to in the context of Big Data?
Answer:
The different types of data, including structured, semi-structured, and unstructured.
Question:
What is a common application of data analytics in accounting?
Answer:
Evaluating journal entries for errors or fraud.
Practice TEST Questions and Answers
Verified Solutions Latest Update
Question:
What is the A M P S model in data analytics?
Answer:
A framework consisting of four steps: Ask the Question, Master the Data, Perform the
Analysis, Share the Story.
Question:
What type of analysis answers 'What happened?'
Answer:
Descriptive Analytics
Question:
What type of analysis answers 'Why did it happen?'
Answer:
Diagnostic Analytics
Question:
What type of analysis answers 'Will it happen in the future?'
Answer:
Predictive Analytics
Question:
What type of analysis answers 'What should we do?'
Answer:
Prescriptive Analytics
,Question:
Name a basic tool for data analysis and visualization.
Answer:
Excel
Question:
What programming language is used for managing relational databases?
Answer:
SQL
Question:
What is Tableau used for?
Answer:
Creating interactive and shareable dashboards for data visualization.
Question:
What are the two programming languages commonly used for advanced data analysis?
Answer:
R and Python
Question:
What is data integrity?
Answer:
The accuracy, validity, and consistency of data.
Question:
What distinguishes categorical data from numerical data?
Answer:
Categorical data is qualitative, while numerical data is quantitative.
,Question:
What are the four steps of the A M P S model?
Answer:
1. Ask the Question 2. Master the Data 3. Perform the Analysis 4. Share the Story
Question:
What is the significance of critical thinking in accounting?
Answer:
Critical thinking allows accountants to analyze and evaluate information for informed
decision-making.
Question:
What does Bloom's Taxonomy emphasize in the context of data analytics?
Answer:
The importance of higher-order thinking skills such as analyzing, evaluating, and
creating.
Question:
What is the first step in the problem-solving process for data analytics?
Answer:
Ask the Question: Clearly define the problem or question to be answered with data.
Question:
What does 'Master the Data' involve?
Answer:
Assessing data for integrity, completeness, and relevance to the question.
Question:
What are common data visualization types?
Answer:
Histograms, scatterplots, and dashboards.
, Question:
What is the impact of data availability on the accounting profession?
Answer:
Data availability enhances accountants' roles as critical information providers.
Question:
What is the role of automation in accounting?
Answer:
Automation assists in data processing but lacks the expertise that accountants provide.
Question:
What does the term 'Big Data' refer to?
Answer:
Big Data encompasses Volume, Variety, Velocity, and Veracity in data analysis.
Question:
What does Volume refer to in the context of Big Data?
Answer:
The amount of data.
Question:
What does Variety refer to in the context of Big Data?
Answer:
The different types of data, including structured, semi-structured, and unstructured.
Question:
What is a common application of data analytics in accounting?
Answer:
Evaluating journal entries for errors or fraud.
