TEST BANK FOR Data Analytics For Accounting, 3rd Edition By Richardson All Chapters 1-9 Answers Are At The End Of Each Chapter A+ Graded

TEST BANK FOR Data Analytics For Accounting, 3rd

Edition By Richardson All Chapters 1-9 Answers Are

At The End Of Each Chapter A+ Graded

Chapter 01:

1) Data Analytics Is The Process Of Evaluating Data With The Purpose Of Drawing

Conclusions To Address 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 Their Businesses, However It Is Not Practical In The Near Future.

⊚ True

⊚ False




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,4) Auditors Can Use Social Media To Hear What Customers Are Saying About A

Company And Compare This To Inventory Obsolescence And Other Estimates.

⊚ True

⊚ False




5) Data Analytics Allows Auditors To Glean Insights That Are Beneficial To The Client,

Without Breeching Independence.

⊚ True

⊚ False



6) The Predictive Analytics Is An Important Aspect Of Data Analytics For Auditors, But

Is Not Applicable 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.


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,⊚ 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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, 13) The IMPACT Cycle Is Iterative, As Insights Are Gained, Outcomes Are Tracked, And

New Questions Are Identified.

⊚ True

⊚ False




14) Data Analysis Through Data Manipulation Is Performing Basic Analysis To

Understand The Quality Of The Underlying Data And Its Ability To Address The Business

Question.

⊚ True

⊚ False




15) To Be Proficient In Data Analysis, Accountants Need To Become Data Scientists.

⊚ True

⊚ False




16) By Developing An Analytics Mindset, Accountants Will Be Able To Recognize When

And How Data Analytics Can Address Business Questions.

⊚ True

⊚ False




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