,DOWNLOAD THE Test Bank for Data Analytics for Accounting 2nd Edition Richard
a a a a a a a a a a a
son
Data Analytics for Accounting 2nd Edition by Richardson
a a a a a a a
CH01
ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
a a a a a a a a a
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
a a a a a a a a a a a a a a a
1) Data analytics is the process of evaluating data with the purpose of drawing conclusions to
a a a a a a a a a a a a a a a
address business questions.
a a
⊚ true
⊚ false
2) The process of data analytics aims to transform raw information into data to create value.
a a a a a a a a a a a a a a
⊚ true
⊚ false
3) Data analytics has the potential to transform the manner in which companies run their bus
a a a a a a a a a a a a a a
inesses, however it is not practical in the near future.
a a a a a a a a a
⊚ true
⊚ false
4) Auditors can use social media to hear what customers are saying about a company and co
a a a a a a a a a a a a a a a
mpare this to inventory obsolescence and other estimates.
a a a a a a a
⊚ true
⊚ false
5) Data analytics allows auditors to glean insights that are beneficial to the client, without bre
a a a a a a a a a a a a a a
eching independence.
a
⊚ true
⊚ false
6) The predictive analytics is an important aspect of data analytics for auditors, but is not app
a a a a a a a a a a a a a a a
licable for tax accountants.
a a a
⊚ true
⊚ false
7) The I in IMPACT Cycle represents Identify the Question.
a a a a a a a a
Version 1 a 1
mynursytest.store
,DOWNLOAD THE Test Bank for Data Analytics for Accounting 2nd Edition Richard
a a a a a a a a a a a
son
Data Analytics for Accounting 2nd Edition by Richardson
a a a a a a a
CH01
⊚ true
⊚ false
8) The M in IMPACT Cycle represents Master the Data.
a a a a a a a a
⊚ true
⊚ false
9) The P in IMPACT Cycle represents Predict the Results.
a a a a a a a a
⊚ true
⊚ false
10) The A in IMPACT Cycle represents Analyze the Data.
a a a a a a a a
⊚ true
⊚ false
11) The C in IMPACT Cycle represents Continuously Track.
a a a a a a a
⊚ true
⊚ false
12) The T in IMPACT Cycle represents Track Outcomes.
a a a a a a a
⊚ true
⊚ false
13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new qu
a a a a a a a a a a a a a a
estions are identified.
a a
⊚ true
⊚ false
14) Data analytics professionals estimate that they spend between 25 percent and 70 percent of t
a a a a a a a a a a a a a a
heir time cleaning data so it can be analyzed.
a a a a a a a a
⊚ true
⊚ false
Version 1 a 2
mynursytest.store
, DOWNLOAD THE Test Bank for Data Analytics for Accounting 2nd Edition Richard
a a a a a a a a a a a
son
Data Analytics for Accounting 2nd Edition by Richardson
a a a a a a a
CH01
15) Data analysis through data manipulation is performing basic analysis to understand the qu
a a a a a a a a a a a a
ality of the underlying data and its ability to address the business question.
a a a a a a a a a a a a
⊚ true
⊚ false
16) To be proficient in data analysis, accountants need to become data scientists.
a a a a a a a a a a a
⊚ true
⊚ false
17) By developing an analytics mindset, accountants will be able to recognize when and how dat
a a a a a a a a a a a a a a
a analytics can address business questions.
a a a a a
⊚ true
⊚ false
18) While it is important for accountants to clearly articulate the business problem, drawing ap
a a a a a a a a a a a a a
propriate conclusions, based on the data, should be left to statisticians.
a a a a a a a a a a
⊚ true
⊚ false
19) Analytic-
minded accountants should report results of analysis in an accessible way to each varied decisio
a a a a a a a a a a a a a a
n maker and their specific needs.
a a a a a
⊚ true
⊚ false
MULTIPLE CHOICE - a a
Choose the one alternative that best completes the statement or answers the question.
a a a a a a a a a a a a a
20) With a goal to give organizations the information they need to make sound and timely bus
a a a a a a a a a a a a a a a
iness decisions, data analytics often involves all of the following except:
a a a a a a a a a a
Version 1 a 3
mynursytest.store
a a a a a a a a a a a
son
Data Analytics for Accounting 2nd Edition by Richardson
a a a a a a a
CH01
ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
a a a a a a a a a
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
a a a a a a a a a a a a a a a
1) Data analytics is the process of evaluating data with the purpose of drawing conclusions to
a a a a a a a a a a a a a a a
address business questions.
a a
⊚ true
⊚ false
2) The process of data analytics aims to transform raw information into data to create value.
a a a a a a a a a a a a a a
⊚ true
⊚ false
3) Data analytics has the potential to transform the manner in which companies run their bus
a a a a a a a a a a a a a a
inesses, however it is not practical in the near future.
a a a a a a a a a
⊚ true
⊚ false
4) Auditors can use social media to hear what customers are saying about a company and co
a a a a a a a a a a a a a a a
mpare this to inventory obsolescence and other estimates.
a a a a a a a
⊚ true
⊚ false
5) Data analytics allows auditors to glean insights that are beneficial to the client, without bre
a a a a a a a a a a a a a a
eching independence.
a
⊚ true
⊚ false
6) The predictive analytics is an important aspect of data analytics for auditors, but is not app
a a a a a a a a a a a a a a a
licable for tax accountants.
a a a
⊚ true
⊚ false
7) The I in IMPACT Cycle represents Identify the Question.
a a a a a a a a
Version 1 a 1
mynursytest.store
,DOWNLOAD THE Test Bank for Data Analytics for Accounting 2nd Edition Richard
a a a a a a a a a a a
son
Data Analytics for Accounting 2nd Edition by Richardson
a a a a a a a
CH01
⊚ true
⊚ false
8) The M in IMPACT Cycle represents Master the Data.
a a a a a a a a
⊚ true
⊚ false
9) The P in IMPACT Cycle represents Predict the Results.
a a a a a a a a
⊚ true
⊚ false
10) The A in IMPACT Cycle represents Analyze the Data.
a a a a a a a a
⊚ true
⊚ false
11) The C in IMPACT Cycle represents Continuously Track.
a a a a a a a
⊚ true
⊚ false
12) The T in IMPACT Cycle represents Track Outcomes.
a a a a a a a
⊚ true
⊚ false
13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new qu
a a a a a a a a a a a a a a
estions are identified.
a a
⊚ true
⊚ false
14) Data analytics professionals estimate that they spend between 25 percent and 70 percent of t
a a a a a a a a a a a a a a
heir time cleaning data so it can be analyzed.
a a a a a a a a
⊚ true
⊚ false
Version 1 a 2
mynursytest.store
, DOWNLOAD THE Test Bank for Data Analytics for Accounting 2nd Edition Richard
a a a a a a a a a a a
son
Data Analytics for Accounting 2nd Edition by Richardson
a a a a a a a
CH01
15) Data analysis through data manipulation is performing basic analysis to understand the qu
a a a a a a a a a a a a
ality of the underlying data and its ability to address the business question.
a a a a a a a a a a a a
⊚ true
⊚ false
16) To be proficient in data analysis, accountants need to become data scientists.
a a a a a a a a a a a
⊚ true
⊚ false
17) By developing an analytics mindset, accountants will be able to recognize when and how dat
a a a a a a a a a a a a a a
a analytics can address business questions.
a a a a a
⊚ true
⊚ false
18) While it is important for accountants to clearly articulate the business problem, drawing ap
a a a a a a a a a a a a a
propriate conclusions, based on the data, should be left to statisticians.
a a a a a a a a a a
⊚ true
⊚ false
19) Analytic-
minded accountants should report results of analysis in an accessible way to each varied decisio
a a a a a a a a a a a a a a
n maker and their specific needs.
a a a a a
⊚ true
⊚ false
MULTIPLE CHOICE - a a
Choose the one alternative that best completes the statement or answers the question.
a a a a a a a a a a a a a
20) With a goal to give organizations the information they need to make sound and timely bus
a a a a a a a a a a a a a a a
iness decisions, data analytics often involves all of the following except:
a a a a a a a a a a
Version 1 a 3
mynursytest.store
