, Accounting Data Analytics - CORRECT ANSWERS-The technologies, systems,
practices, methodologies, databases, statistics, and applications used to analyze
diverse accounting and nonaccounting data to give organizations the information they
need to make sound and timely business decisions.
Examples of accounting data analytics - CORRECT ANSWERS-Product reviews on
Walmart's website can help predict which inventory items will be sold and which ones
won't be sold to help estimate the value of the inventory.
Predicting Allowance for Doubtful Accounts - CORRECT ANSWERS-Predict the right
level of the Allowance for Doubtful Accounts by classifying which of our customers will
be able to pay their debts based on the customer's payment history.
Predicting Goodwill Impairment - CORRECT ANSWERS-Predict when goodwill is or
soon will be impaired using social media, the business press, or recent accounting
performance.
Predicting Future Sales Returns - CORRECT ANSWERS-Predict the level of future
sales returns (items returned, refunds, etc.) using prior sales returns to record net sales.
AMPS Model - CORRECT ANSWERS-A model that emphasizes the importance of
mastering data in the context of data analytics.
Data Sources for Accounting Questions - CORRECT ANSWERS-Includes financial
statements, macroeconomic statistics, supply chain data, and financial analyst reports.
Big Data - CORRECT ANSWERS-A term that refers to large volumes of data that can
be analyzed for insights.
Four Vs of Big Data - CORRECT ANSWERS-Volume, Variety, Velocity, and Veracity
are characteristics that define big data.
Volume - CORRECT ANSWERS-The amount of data generated, such as click stream
data, sensor data, and social media data.
Variety - CORRECT ANSWERS-The different types of data, including unstructured,
semi-structured, and structured data.
Velocity - CORRECT ANSWERS-The speed at which data is generated and analyzed.
Veracity - CORRECT ANSWERS-The trustworthiness and quality of the data.
Financial Statements - CORRECT ANSWERS-Formal records of the financial activities
and position of a business, person, or entity.
practices, methodologies, databases, statistics, and applications used to analyze
diverse accounting and nonaccounting data to give organizations the information they
need to make sound and timely business decisions.
Examples of accounting data analytics - CORRECT ANSWERS-Product reviews on
Walmart's website can help predict which inventory items will be sold and which ones
won't be sold to help estimate the value of the inventory.
Predicting Allowance for Doubtful Accounts - CORRECT ANSWERS-Predict the right
level of the Allowance for Doubtful Accounts by classifying which of our customers will
be able to pay their debts based on the customer's payment history.
Predicting Goodwill Impairment - CORRECT ANSWERS-Predict when goodwill is or
soon will be impaired using social media, the business press, or recent accounting
performance.
Predicting Future Sales Returns - CORRECT ANSWERS-Predict the level of future
sales returns (items returned, refunds, etc.) using prior sales returns to record net sales.
AMPS Model - CORRECT ANSWERS-A model that emphasizes the importance of
mastering data in the context of data analytics.
Data Sources for Accounting Questions - CORRECT ANSWERS-Includes financial
statements, macroeconomic statistics, supply chain data, and financial analyst reports.
Big Data - CORRECT ANSWERS-A term that refers to large volumes of data that can
be analyzed for insights.
Four Vs of Big Data - CORRECT ANSWERS-Volume, Variety, Velocity, and Veracity
are characteristics that define big data.
Volume - CORRECT ANSWERS-The amount of data generated, such as click stream
data, sensor data, and social media data.
Variety - CORRECT ANSWERS-The different types of data, including unstructured,
semi-structured, and structured data.
Velocity - CORRECT ANSWERS-The speed at which data is generated and analyzed.
Veracity - CORRECT ANSWERS-The trustworthiness and quality of the data.
Financial Statements - CORRECT ANSWERS-Formal records of the financial activities
and position of a business, person, or entity.
