Test Bank for Introduction to Data Analytics for Accounting, 2nd Edition by Vernon Richardson|newest version 2024|2025 A+.

,Data Analytics for Accounting 2nd Edition by Richardson
ki ki ki ki ki ki ki




CH01
ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
ki ki ki ki ki ki ki ki ki




TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
ki ki ki ki ki ki ki ki ki ki ki ki ki ki ki




1) Data analytics is the process of evaluating data with the purpose of drawing conclusions
ki ki ki ki ki ki ki ki ki ki ki ki ki




to address business questions.
ki ki ki ki




⊚ true
⊚ false


2) The process of data analytics aims to transform raw information into data to create value.
ki ki ki ki ki ki ki ki ki ki ki ki ki ki




⊚ true
⊚ false


3) Data analytics has the potential to transform the manner in which companies run their
ki ki ki ki ki ki ki ki ki ki ki ki ki




businesses, however it is not practical in the near future.
ki ki ki ki ki ki ki ki ki ki




⊚ true
⊚ false


4) Auditors can use social media to hear what customers are saying about a company and
ki ki ki ki ki ki ki ki ki ki ki ki ki ki




compare this to inventory obsolescence and other estimates.
ki ki ki ki ki ki ki ki




⊚ true
⊚ false


5) Data analytics allows auditors to glean insights that are beneficial to the client, without
ki ki ki ki ki ki ki ki ki ki ki ki ki




breeching independence.
ki ki




⊚ true
⊚ false


6) The predictive analytics is an important aspect of data analytics for auditors, but is not
ki ki ki ki ki ki ki ki ki ki ki ki ki ki




applicable for tax accountants.
ki ki ki ki




⊚ true
⊚ false


7) The I in IMPACT Cycle represents Identify the Question.
ki ki ki ki ki ki ki ki




Version 1 ki 1
mynursytest.store

,DOWNLOAD THE Test Bank for Data Analytics for Accounting 2nd Edition
ki ki ki ki ki ki ki ki ki ki



Richardson ki




Data Analytics for Accounting 2nd Edition by Richardson
ki ki ki ki ki ki ki




CH01
⊚ true
⊚ false


8) The M in IMPACT Cycle represents Master the Data.
ki ki ki ki ki ki ki ki




⊚ true
⊚ false


9) The P in IMPACT Cycle represents Predict the Results.
ki ki ki ki ki ki ki ki




⊚ true
⊚ false


10) The A in IMPACT Cycle represents Analyze the Data.
ki ki ki ki ki ki ki ki




⊚ true
⊚ false


11) The C in IMPACT Cycle represents Continuously Track.
ki ki ki ki ki ki ki




⊚ true
⊚ false


12) The T in IMPACT Cycle represents Track Outcomes.
ki ki ki ki ki ki ki




⊚ true
⊚ false


13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new
ki ki ki ki ki ki ki ki ki ki ki ki ki




questions are identified.
ki ki ki




⊚ true
⊚ false


14) Data analytics professionals estimate that they spend between 25 percent and 70 percent
ki ki ki ki ki ki ki ki ki ki ki ki




of their time cleaning data so it can be analyzed.
ki ki ki ki ki ki ki ki ki ki




⊚ true
⊚ false



Version 1 ki 2
mynursytest.store

, DOWNLOAD THE Test Bank for Data Analytics for Accounting 2nd Edition
ki ki ki ki ki ki ki ki ki ki



Richardson ki




Data Analytics for Accounting 2nd Edition by Richardson
ki ki ki ki ki ki ki




CH01

15) Data analysis through data manipulation is performing basic analysis to understand the
ki ki ki ki ki ki ki ki ki ki ki




quality of the underlying data and its ability to address the business question.
ki ki ki ki ki ki ki ki ki ki ki ki ki




⊚ true
⊚ false


16) To be proficient in data analysis, accountants need to become data scientists.
ki ki ki ki ki ki ki ki ki ki ki




⊚ true
⊚ false


17) By developing an analytics mindset, accountants will be able to recognize when and how
ki ki ki ki ki ki ki ki ki ki ki ki ki




data analytics can address business questions.
ki ki ki ki ki ki




⊚ true
⊚ false


18) While it is important for accountants to clearly articulate the business problem, drawing
ki ki ki ki ki ki ki ki ki ki ki ki




appropriate conclusions, based on the data, should be left to statisticians.
ki ki ki ki ki ki ki ki ki ki ki




⊚ true
⊚ false


19) Analytic-minded accountants should report results of analysis in an accessible way to ki ki ki ki ki ki ki ki ki ki ki




each varied decision maker and their specific needs.
ki ki ki ki ki ki ki ki




⊚ true
⊚ false



MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
ki ki ki ki ki ki ki ki ki ki ki ki




answers the question.
ki ki ki




20) With a goal to give organizations the information they need to make sound and timely
ki ki ki ki ki ki ki ki ki ki ki ki ki ki




business decisions, data analytics often involves all of the following except:
ki ki ki ki ki ki ki ki ki ki ki




Version 1 ki 3
mynursytest.store