SOLUTION MANUAL For Data Analytics for Accounting, 3rd Edition by Vernon Richardson, Verified Chapters 1 - 9, Complete Newest Version

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,TABLE OF CONTENTS
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Chapter 1: Data Analytics for Accounting and Identifying the Questions
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Chapter 2: Mastering the Data
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Chapter 3: Performing the Test Plan and Analyzing the Results
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Chapter 4: Communicating Results and Visualizations
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Chapter 5: The Modern Accounting Environment
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Chapter 6: Audit Data Analytics
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Chapter 7: Managerial Analytics
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Chapter 8: Financial Statement Analytics
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Chapter 9: Tax Analytics
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,Solutions Manual – Chapter 1 QF QF QF QF




Solutions to Multiple Choice Questions
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1. (LO 1-1) Big Data is often described by the four Vs, or
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a. volume, velocity, veracity, and variability.
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b. volume, velocity, veracity, and variety.
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c. volume, volatility, veracity, and variability.
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d. variability, velocity, veracity, and variety. QF QF QF QF




Answer: b QF




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4) Which data approach attempts to assign each unit in a population into a small set ofclasses (or groups) w
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here the unit best fits?
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a. Regression
b. Similarity matching QF




c. Co-occurrence grouping QF




d. Classification

Answer: d QF




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4) Which data approach attempts to identify similar individuals based on data knownabout them?
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a. Classification
b. Regression
c. Similarity matching QF




d. Data reduction QF




Answer: c QF




4. (LO 1-4) Which data approach attempts to predict connections between two data items?
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a. Profiling
b. Classification
c. Link prediction QF




d. Regression




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, Answer: c QF




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6) Which of these terms is defined as being a central repository of descriptions for all ofthe data attributes of t
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he dataset?
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a. Big Data
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b. Data warehouse QF




c. Data dictionary QF




d. Data Analytics QF




Answer: c QF




6. (LO 1-5) Which skills were not emphasized that analytic-minded accountants should have?
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a. Developed an analytics mindset QF QF QF




b. Data scrubbing and data preparation
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c. Classification of test approaches QF QF QF




d. Statistical data analysis competency QF QF QF




Answer: c QF




7. (LO 1-5) In which areas were skills not emphasized for analytic-minded accountants?
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a. Data quality QF




b. Descriptive data analysis QF QF




c. Data visualization and data reporting
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d. Data and systems analysis and design
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Answer: d QF




8. (LO 1-4) The IMPACT cycle includes all except the following steps:
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a. perform test plan. QF QF




b. visualize the data. QF QF




c. master the data. QF QF




d. track outcomes. QF




Answer: b QF




9. (LO 1-4) The IMPACT cycle specifically includes all except the following steps:
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a. data preparation.
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b. communicate insights. QF




c. address and refine results. QF QF QF




d. perform test plan. QF QF




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