,ACCESS Test Bank for Introduction to Data Analytics for Accounting 2nd Editio
n n n n n n n n n n n
n Richardson n
Richardson,nTerrell,nTeetern–nIntroductionntonDatanAnalyticsnfornAccounting,n2ndn Editionn–nChaptern1
Chapter 1 End-of-Chapter Assignment Solutions
n n n n
Multiple Choice Questions
n n
1. (LOn1-2)nWhichnisnthenlowestnlevelnofncriticalnthinkingnskillsninnBloom’snTaxonomy?
a. Create
b. Remember
c. Apply
d. Analyze
2. (LOn1-2)nWhichnisnthenhighestnlevelnofncriticalnthinkingnskillsninnBloom’snTaxonomy?
a. Create
b. Apply
c. Analyze
d. Understand
3. (LOn1-
2)nWhichnisnthenappropriatenorderingnofncriticalnthinkingnskillsninnBloom’snTaxon
omy,nwherenthen“>”nsymbolnmeansnhighernordernskills?
a. Remembern>nApply
b. Applyn>nAnalyze
c. Analyzen>nEvaluate
d. Createn>nAnalyze
4. (LOn1-3)nWhichnstepnofnthenAMPSnmodelnmostnappropriatelynaddressesnthenaxiom,
“Yourndatanwon’tnspeaknunlessnyounasknitnthenrightndatananalyticsnquestions”?
a. AsknthenQuestion
b. MasternthenData
c. PerformnthenAnalysis
d. SharenthenStory
5. (LOn1-
3)nWhichnstepnofnthenAMPSnmodelnmostnappropriatelynaddressesnthenquestionnofnthe
nbestnwayntoncommunicatendatananalyticsnfindingsnwithnandecisionnmaker?
a. AsknthenQuestion
b. MasternthenData
c. PerformnthenAnalysis
d. SharenthenStory
6. (LOn1-
3)nWhatntypenofnquestionnisnpredictingnwhethernancompanynwillngonbankruptninnthenc
omingntwonyears?
a. Whatnhappened?nWhatnisnhappening?
b. Whyndidnitnhappen?nWhatnarenthenrootncausesnofnpastnresults?
c. Willnitnhappenninnthenfuture?nWhatnisnthenprobabilitynsomethingnwill
nhappen?nIsnitnforecastable?
©nMcGrawnHillnLLC.nAllnrightsnreserved.nNonreproductionnorndistributionnwithoutnthenpriornwrittennconsentnofnMcGrawnHilln
LLC.
1-1
mynursytest.store
,ACCESS Test Bank for Introduction to Data Analytics for Accounting 2nd Editio
n n n n n n n n n n n
n Richardson n
Richardson,nTerrell,nTeetern–nIntroductionntonDatanAnalyticsnfornAccounting,n2ndn Editionn–nChaptern1
d. Whatnshouldnwendonbasednonnwhatnwenexpectnwillnhappen?nHowndonwe
optimizenournperformancenbasednonnpotentialnconstraints?”
7. (LOn1-
3)nWhatntypenofnquestionnisnchoosingntontakencertainntaxndeductionsnbasednonnthenw
aynmanagersnbelieventaxnlegislationnwillnchangeninnthennearnfuture?
a. Whatnhappened?nWhatnisnhappening?
b. Whyndidnitnhappen?nWhatnarenthenrootncausesnofnpastnresults?
c. Willnitnhappenninnthenfuture?nWhatnisnthenprobabilitynsomethingnwillnhappen?n
Isnitnforecastable?
d. Whatnshouldnwendonbasednonnwhatnwenexpectnwillnhappen?n Howndonwe
optimizenournperformancenbasednonnpotentialnconstraints?”
8. (LOn1-
3)nWhatntypenofnquestionnisnfindingnthendetailntonmorenclearlynunderstandnwhynnetnin
comenisndecreasingnwhennrevenuesnarenincreasing?
a. Whatnhappened?nWhatnisnhappening?
b. Whyndidnitnhappen?nWhatnarenthenrootncausesnofnpastnresults?
c. Willnitnhappenninnthenfuture?nWhatnisnthenprobabilitynsomethingnwillnhappen?n
Isnitnforecastable?
d. Whatnshouldnwendonbasednonnwhatnwenexpectnwillnhappen?nHowndonwe
optimizenournperformancenbasednonnpotentialnconstraints?”
9. (LOn1-
4)nWhatnvisualizationntypenisnmostnappropriatenfornevaluatingnthenrelationshipsnbetw
eennvalues?
a. Barnchart
b. Pienchart
c. Histogram
d. Scatterplot
10. (LOn1-5)nWhichnofnthenfollowingnsoftwarentoolsnspecializeninndatanvisualizations?
a. SPSSnandnPowernQuery
b. AlteryxnandnTableaunPrep
c. PowernBInandnTableau
d. RnandnPython
Discussion Questions
n
1. (LOn1-
1)nThencomputernisnbetternatnautomated,nrepetitiventasksnsincenitncannbenpro
grammed.n Thencomputernisnalsonnotnsubjectntonfatiguenandncannprocessnma
ssivenamountsnofndataneasiernthannanhumanncan.n Mostnofnthenvalue-
addedntasksnandnhighernordernthinkingnskills,nsuchnasnanalyzing,nevaluatingna
ndncreating,narenperformednbetternbynhumannaccountantsnbecausentheynare
nnotneasilynprogrammednbynansetnofnfixednrules.n Thenability
©nMcGrawnHillnLLC.nAllnrightsnreserved.nNonreproductionnorndistributionnwithoutnthenpriornwrittennconsentnofnMcGrawnHilln
LLC.
1-2
mynursytest.store
, ACCESS Test Bank for Introduction to Data Analytics for Accounting 2nd Editio
n n n n n n n n n n n
n Richardson n
Richardson,nTerrell,nTeetern–nIntroductionntonDatanAnalyticsnfornAccounting,n2ndn Editionn–nChaptern1
tonrecognizentradeoffs,nevaluatingnalternatives,nandnevaluatingnadnhocnfactsnar
enallnbetternperformednbynhumans.
2. (LOn1-
2)nThenskillsntaughtninnthenintroductionntonfinancialnaccountingnwerenthenlo
wernordernthinkingnskillsn(notedninnBloom’snTaxonomy)nsuchnasnrememberi
ng,nunderstandingnandnapplying.n Applicationnofnjournalnentries,ncomputing
ntrialnbalances,nrecordingntransactions,nbanknreconciliation,netc.narenallnexa
mplesnofnlowernordernskills.
3. (LOn1-
3)nAccountantsnunderstandnthentradeoffsnbetweennrelevantndatanandnreliab
lendatan(suchnasnthatndatanwhichnmightnexhibitnmorenrepresentationalnfaithf
ulness).
Accountantsnalsonunderstandnthentradeoffsnbetweennunstructurednandnstruct
uredndata,ndataninternalnornexternalntonthencompany,nandnevennthenpotentialnc
ostnofnacquiringnandnprocessingnthendatanasncomparedntonthenpotentialnvaluen
providednbynusenofnthendata.
4. (LOn1-
3)nMasteringnthendatanincludesnaccessing,ncleaning,nandntransformingnthend
atantonpreparenthendatanfornanalysis.
5. (LOn1-
3)nDatananalyticsnmightnbenviewednasnsuccessivelynpeelingnthenlayernofnannoni
on.nBynpeelingnthenfirstnlayernofnthenonion,nyounnownarenablentonseenthennextnl
ayernandnevaluatenitnandnremovenitntongetntonthenthirdnlayer,netc.n Oftenntimes,
nthenAMPSnmodelnmustnbenperformednmultiplentimes,nrefiningnthenquestionn(
AsknthenQuestion),npossiblynconsideringndifferentntypesnofndatan(MasternthenD
ata),nperformingnadditionalnanalysisn(PerformnthenAnalysis)nandnretellingnthens
toryninneachniterationn(SharingnthenStory)nbeforenthenissue/problem/challeng
encannbenfinallynaddressednwithnsomenconfidence.
6. (LOn1-
3)nDescriptivenanalysisnreportsnwhatnhappened.n Generally,nevaluatingnthenre
venuesnandnearningsnperformancenstartsnwithndescriptivenanalysisnandnconti
nuesnwithndiagnosticnanalysisntonunderstandn“Whynitnhappened?”.
7. (LOn1-4,nLOn1-
5)nDatanacquisitionnandnpreparationnsoftwarentoolsnlikenSQLnandnAlteryxnwor
kntongetnthendatanreadynfornanalysis.n Datanvisualizationnsoftwarentoolsnworkn
tonbothnanalyzendatan(asnpartnofn"PerformnthenAnalysis"ninnthenAMPSnmodel)n
andntoncommunicatenresultsn(asnpartnofn"SharenthenStory"ninnthenAMPSnmod
el).
Brief Exercises
n
1. (LO1-1,nLO1-2):nMatchnthendatananalyticsntermntonitsndatananalyticsndefinition:
©nMcGrawnHillnLLC.nAllnrightsnreserved.nNonreproductionnorndistributionnwithoutnthenpriornwrittennconsentnofnMcGrawnHilln
LLC.
1-3
mynursytest.store
n n n n n n n n n n n
n Richardson n
Richardson,nTerrell,nTeetern–nIntroductionntonDatanAnalyticsnfornAccounting,n2ndn Editionn–nChaptern1
Chapter 1 End-of-Chapter Assignment Solutions
n n n n
Multiple Choice Questions
n n
1. (LOn1-2)nWhichnisnthenlowestnlevelnofncriticalnthinkingnskillsninnBloom’snTaxonomy?
a. Create
b. Remember
c. Apply
d. Analyze
2. (LOn1-2)nWhichnisnthenhighestnlevelnofncriticalnthinkingnskillsninnBloom’snTaxonomy?
a. Create
b. Apply
c. Analyze
d. Understand
3. (LOn1-
2)nWhichnisnthenappropriatenorderingnofncriticalnthinkingnskillsninnBloom’snTaxon
omy,nwherenthen“>”nsymbolnmeansnhighernordernskills?
a. Remembern>nApply
b. Applyn>nAnalyze
c. Analyzen>nEvaluate
d. Createn>nAnalyze
4. (LOn1-3)nWhichnstepnofnthenAMPSnmodelnmostnappropriatelynaddressesnthenaxiom,
“Yourndatanwon’tnspeaknunlessnyounasknitnthenrightndatananalyticsnquestions”?
a. AsknthenQuestion
b. MasternthenData
c. PerformnthenAnalysis
d. SharenthenStory
5. (LOn1-
3)nWhichnstepnofnthenAMPSnmodelnmostnappropriatelynaddressesnthenquestionnofnthe
nbestnwayntoncommunicatendatananalyticsnfindingsnwithnandecisionnmaker?
a. AsknthenQuestion
b. MasternthenData
c. PerformnthenAnalysis
d. SharenthenStory
6. (LOn1-
3)nWhatntypenofnquestionnisnpredictingnwhethernancompanynwillngonbankruptninnthenc
omingntwonyears?
a. Whatnhappened?nWhatnisnhappening?
b. Whyndidnitnhappen?nWhatnarenthenrootncausesnofnpastnresults?
c. Willnitnhappenninnthenfuture?nWhatnisnthenprobabilitynsomethingnwill
nhappen?nIsnitnforecastable?
©nMcGrawnHillnLLC.nAllnrightsnreserved.nNonreproductionnorndistributionnwithoutnthenpriornwrittennconsentnofnMcGrawnHilln
LLC.
1-1
mynursytest.store
,ACCESS Test Bank for Introduction to Data Analytics for Accounting 2nd Editio
n n n n n n n n n n n
n Richardson n
Richardson,nTerrell,nTeetern–nIntroductionntonDatanAnalyticsnfornAccounting,n2ndn Editionn–nChaptern1
d. Whatnshouldnwendonbasednonnwhatnwenexpectnwillnhappen?nHowndonwe
optimizenournperformancenbasednonnpotentialnconstraints?”
7. (LOn1-
3)nWhatntypenofnquestionnisnchoosingntontakencertainntaxndeductionsnbasednonnthenw
aynmanagersnbelieventaxnlegislationnwillnchangeninnthennearnfuture?
a. Whatnhappened?nWhatnisnhappening?
b. Whyndidnitnhappen?nWhatnarenthenrootncausesnofnpastnresults?
c. Willnitnhappenninnthenfuture?nWhatnisnthenprobabilitynsomethingnwillnhappen?n
Isnitnforecastable?
d. Whatnshouldnwendonbasednonnwhatnwenexpectnwillnhappen?n Howndonwe
optimizenournperformancenbasednonnpotentialnconstraints?”
8. (LOn1-
3)nWhatntypenofnquestionnisnfindingnthendetailntonmorenclearlynunderstandnwhynnetnin
comenisndecreasingnwhennrevenuesnarenincreasing?
a. Whatnhappened?nWhatnisnhappening?
b. Whyndidnitnhappen?nWhatnarenthenrootncausesnofnpastnresults?
c. Willnitnhappenninnthenfuture?nWhatnisnthenprobabilitynsomethingnwillnhappen?n
Isnitnforecastable?
d. Whatnshouldnwendonbasednonnwhatnwenexpectnwillnhappen?nHowndonwe
optimizenournperformancenbasednonnpotentialnconstraints?”
9. (LOn1-
4)nWhatnvisualizationntypenisnmostnappropriatenfornevaluatingnthenrelationshipsnbetw
eennvalues?
a. Barnchart
b. Pienchart
c. Histogram
d. Scatterplot
10. (LOn1-5)nWhichnofnthenfollowingnsoftwarentoolsnspecializeninndatanvisualizations?
a. SPSSnandnPowernQuery
b. AlteryxnandnTableaunPrep
c. PowernBInandnTableau
d. RnandnPython
Discussion Questions
n
1. (LOn1-
1)nThencomputernisnbetternatnautomated,nrepetitiventasksnsincenitncannbenpro
grammed.n Thencomputernisnalsonnotnsubjectntonfatiguenandncannprocessnma
ssivenamountsnofndataneasiernthannanhumanncan.n Mostnofnthenvalue-
addedntasksnandnhighernordernthinkingnskills,nsuchnasnanalyzing,nevaluatingna
ndncreating,narenperformednbetternbynhumannaccountantsnbecausentheynare
nnotneasilynprogrammednbynansetnofnfixednrules.n Thenability
©nMcGrawnHillnLLC.nAllnrightsnreserved.nNonreproductionnorndistributionnwithoutnthenpriornwrittennconsentnofnMcGrawnHilln
LLC.
1-2
mynursytest.store
, ACCESS Test Bank for Introduction to Data Analytics for Accounting 2nd Editio
n n n n n n n n n n n
n Richardson n
Richardson,nTerrell,nTeetern–nIntroductionntonDatanAnalyticsnfornAccounting,n2ndn Editionn–nChaptern1
tonrecognizentradeoffs,nevaluatingnalternatives,nandnevaluatingnadnhocnfactsnar
enallnbetternperformednbynhumans.
2. (LOn1-
2)nThenskillsntaughtninnthenintroductionntonfinancialnaccountingnwerenthenlo
wernordernthinkingnskillsn(notedninnBloom’snTaxonomy)nsuchnasnrememberi
ng,nunderstandingnandnapplying.n Applicationnofnjournalnentries,ncomputing
ntrialnbalances,nrecordingntransactions,nbanknreconciliation,netc.narenallnexa
mplesnofnlowernordernskills.
3. (LOn1-
3)nAccountantsnunderstandnthentradeoffsnbetweennrelevantndatanandnreliab
lendatan(suchnasnthatndatanwhichnmightnexhibitnmorenrepresentationalnfaithf
ulness).
Accountantsnalsonunderstandnthentradeoffsnbetweennunstructurednandnstruct
uredndata,ndataninternalnornexternalntonthencompany,nandnevennthenpotentialnc
ostnofnacquiringnandnprocessingnthendatanasncomparedntonthenpotentialnvaluen
providednbynusenofnthendata.
4. (LOn1-
3)nMasteringnthendatanincludesnaccessing,ncleaning,nandntransformingnthend
atantonpreparenthendatanfornanalysis.
5. (LOn1-
3)nDatananalyticsnmightnbenviewednasnsuccessivelynpeelingnthenlayernofnannoni
on.nBynpeelingnthenfirstnlayernofnthenonion,nyounnownarenablentonseenthennextnl
ayernandnevaluatenitnandnremovenitntongetntonthenthirdnlayer,netc.n Oftenntimes,
nthenAMPSnmodelnmustnbenperformednmultiplentimes,nrefiningnthenquestionn(
AsknthenQuestion),npossiblynconsideringndifferentntypesnofndatan(MasternthenD
ata),nperformingnadditionalnanalysisn(PerformnthenAnalysis)nandnretellingnthens
toryninneachniterationn(SharingnthenStory)nbeforenthenissue/problem/challeng
encannbenfinallynaddressednwithnsomenconfidence.
6. (LOn1-
3)nDescriptivenanalysisnreportsnwhatnhappened.n Generally,nevaluatingnthenre
venuesnandnearningsnperformancenstartsnwithndescriptivenanalysisnandnconti
nuesnwithndiagnosticnanalysisntonunderstandn“Whynitnhappened?”.
7. (LOn1-4,nLOn1-
5)nDatanacquisitionnandnpreparationnsoftwarentoolsnlikenSQLnandnAlteryxnwor
kntongetnthendatanreadynfornanalysis.n Datanvisualizationnsoftwarentoolsnworkn
tonbothnanalyzendatan(asnpartnofn"PerformnthenAnalysis"ninnthenAMPSnmodel)n
andntoncommunicatenresultsn(asnpartnofn"SharenthenStory"ninnthenAMPSnmod
el).
Brief Exercises
n
1. (LO1-1,nLO1-2):nMatchnthendatananalyticsntermntonitsndatananalyticsndefinition:
©nMcGrawnHillnLLC.nAllnrightsnreserved.nNonreproductionnorndistributionnwithoutnthenpriornwrittennconsentnofnMcGrawnHilln
LLC.
1-3
mynursytest.store
