Test Bank - Data Analytics for Accounting, 3rd Edition By Vernon Richardson

TESTBANKn




DataAnalyticsforAccounting,3rdEdition
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byVernonRichardson,Chapters1–9
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,Chapter1:DataAnalyticsforAccountingandIdentifyingthe Questions
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Chapter2:MasteringtheData
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Chapter3:PerformingtheTestPlanandAnalyzingthe Results Chapter4:
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CommunicatingResultsandVisualizations
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Chapter5:TheModernAccountingEnvironment Chapter6:
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AuditDataAnalytics
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Chapter7:ManagerialAnalytics
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Chapter8:FinancialStatementAnalytics Chapter9:TaxAnalytics
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,AnswersareattheEndofEachChapter
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Chapter01: n




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1) Dataanalytics isthe processof evaluatingdatawith the purposeof drawing
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conclusions toaddressbusinessquestions.
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2) The
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processof dataanalyticsaimsto transformraw informationinto datato create
value.
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3) Dataanalyticshasthepotential totransformthemanner inwhich
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companies run theirbusinesses,howeveritisnotpractical inthenear
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future.
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4) Auditorscanuse socialmediato hear whatcustomersare sayingabouta
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company andcomparethisto inventoryobsolescence andother
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estimates.
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5) Dataanalyticsallowsauditorstogleaninsights thatarebeneficial tothe
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client, withoutbreechingindependence.
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, 6) Thepredictiveanalytics isanimportantaspectof data analytics for
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auditors,butis notapplicablefortaxaccountants.
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7) The IinIMPACT CyclerepresentsIdentifytheQuestion.
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8) TheMinIMPACT Cyclerepresents MastertheData.
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9) ThePinIMPACT CyclerepresentsPredicttheResults.
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⊚ false n n




10) TheA inIMPACT Cyclerepresents Analyzethe Data.
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11) TheCinIMPACT Cycle representsContinuouslyTrack.
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12) TheT inIMPACT Cyclerepresents TrackOutcomes.
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