TEST BANK Data Analytics for Accounting, 3rd Edition by Vernon Richardson,Chapters 1 – 9

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TEST BANK
Data Analytics for Accounting, 3rd Edition
by Vernon Richardson, Chapters 1 – 9




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Chapter 1: Data Analytics for Accounting and Identifying the
Questions

Chapter 2: Mastering the Data
Chapter 3: Performing the Test Plan and Analyzing the Results
Chapter 4: Communicating Results and Visualizations
Chapter 5: The Modern Accounting Environment
Chapter 6: Audit Data Analytics
Chapter 7: Managerial Analytics
Chapter 8: Financial Statement Analytics
Chapter 9: Tax Analytics




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Answers are at the End of Each Chapter

Chapter 01:
Student name:
1) Data analytics is the process of evaluating data with the purpose of drawing conclusions
toaddress business questions.
⊚ true
⊚ false



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



3) Data analytics has the potential to transform the manner in which companies run
theirbusinesses, however it is not practical in the near future.
⊚ true
⊚ false



4) Auditors can use social media to hear what customers are saying about a company
andcompare this to inventory obsolescence and other estimates.
⊚ true
⊚ false



5) Data analytics allows auditors to glean insights that are beneficial to the client,
withoutbreeching independence.
⊚ true
⊚ false




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6) The predictive analytics is an important aspect of data analytics for auditors, but is
notapplicable for tax accountants.
⊚ true
⊚ false



7) The I in IMPACT Cycle represents Identify the Question.
⊚ true
⊚ false



8) The M in IMPACT Cycle represents Master the Data.
⊚ true
⊚ false



9) The P in IMPACT Cycle represents Predict the Results.
⊚ true
⊚ false



10) The A in IMPACT Cycle represents Analyze the Data.
⊚ true
⊚ false



11) The C in IMPACT Cycle represents Continuously Track.
⊚ true
⊚ false



12) The T in IMPACT Cycle represents Track Outcomes.
⊚ true
⊚ false




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