CH1 DATA ANALYTICS Questions with Correct Solutions
Question:
1. data analytics
Answer:
The process of evaluating data with the purpose of drawing conclusions to address business
questions. Indeed, effective Data Analytics provides a way to search through large structured
and unstructured data to identify unknown patterns or relationships.
Question:
2. structured data
Answer:
data that adheres to a predefined data model in a tabular format
Question:
3. unstructured data
Answer:
data that does not adhere to a predefined data format
Question:
4. big data
Answer:
datasets too large and complex for businesses existing systems to handle utilizing their
traditional capabilities to capture, store, manage, & analyze these datasets
Question:
5. What process involves the technologies, systems, practices, methodologies, databases,
statistics, and applications used to analyze diverse business data to give organizations the
information they need to make decisions?
Answer:
Data Analytics
Question:
6. Data analytics are used to discover all of the following except:
Answer:
anomalies which are anticipated; DOES: forecast of future possibilities buying patterns of
customers anomalies not previously anticipated
, Question:
7. The Forbes Insight/KPMG report, "Audit 2020: A Focus on Change.", found that the vast
majority of survey respondents believe that technology will enhance the quality, Blank______,
and accuracy of the audit.
Answer:
The best answer is that technology is expected to enhance the quality, transparency and
accuracy of the audit.
Question:
8. In a significant paradigm shift, data analytics will allow auditors to:
Answer:
stay engaged with clients beyond the audit
Question:
9. The process of evaluating data with the purpose of drawing conclusions to address
business questions is defined as:
Answer:
data analytics
Question:
10. data processing
Answer:
the collection of data
Question:
11. Traditional audit approaches tested a Blank______ of the financial data transactions; in
contrast, data analytics enables auditors to analyze Blank______ dataset.
Answer:
sampling, the complete
Question:
12. The 4 V's describing Big Data include: Volume, Variety, Veracity and Blank______.
Answer:
Velocity, or the speed of the data processing.
Question:
13. The description of the management accountant's task and that of the data analyst appear
to be quite similar.
Question:
1. data analytics
Answer:
The process of evaluating data with the purpose of drawing conclusions to address business
questions. Indeed, effective Data Analytics provides a way to search through large structured
and unstructured data to identify unknown patterns or relationships.
Question:
2. structured data
Answer:
data that adheres to a predefined data model in a tabular format
Question:
3. unstructured data
Answer:
data that does not adhere to a predefined data format
Question:
4. big data
Answer:
datasets too large and complex for businesses existing systems to handle utilizing their
traditional capabilities to capture, store, manage, & analyze these datasets
Question:
5. What process involves the technologies, systems, practices, methodologies, databases,
statistics, and applications used to analyze diverse business data to give organizations the
information they need to make decisions?
Answer:
Data Analytics
Question:
6. Data analytics are used to discover all of the following except:
Answer:
anomalies which are anticipated; DOES: forecast of future possibilities buying patterns of
customers anomalies not previously anticipated
, Question:
7. The Forbes Insight/KPMG report, "Audit 2020: A Focus on Change.", found that the vast
majority of survey respondents believe that technology will enhance the quality, Blank______,
and accuracy of the audit.
Answer:
The best answer is that technology is expected to enhance the quality, transparency and
accuracy of the audit.
Question:
8. In a significant paradigm shift, data analytics will allow auditors to:
Answer:
stay engaged with clients beyond the audit
Question:
9. The process of evaluating data with the purpose of drawing conclusions to address
business questions is defined as:
Answer:
data analytics
Question:
10. data processing
Answer:
the collection of data
Question:
11. Traditional audit approaches tested a Blank______ of the financial data transactions; in
contrast, data analytics enables auditors to analyze Blank______ dataset.
Answer:
sampling, the complete
Question:
12. The 4 V's describing Big Data include: Volume, Variety, Veracity and Blank______.
Answer:
Velocity, or the speed of the data processing.
Question:
13. The description of the management accountant's task and that of the data analyst appear
to be quite similar.
