Test Bank for Introduction to Data Analytics for Accounting, 2nd Edition by Vernon Richardson|ultimate guide 100% verified.

,Data75Analytics75for75Accounting,751e75(Richardson)75C
hapter7517 5 Data75Analytics75in75Accounting75and75Bu
siness

1) Data75analytics75is75the75process75of75evaluating75data75with75the75purpose75of75drawing75c
onclusions75to75address75business75questions.

Answer:7 5 TRUE75D
ifficulty:75175Easy
Topic:7 5 Define75Data75Analytics
Learning75Objective:7 5 01-
0175Define75Data75Analytics.75Bloom's:7 5 Remember
AACSB:7 5 Reflective75Thinking
AICPA:7 5 BB75Industry;75FN75Decision75Making

2) The75process75of75data75analytics75aims75to75transform75raw75information75into75data75to75create7
5value.


Answer:7 5 FALSE75
Difficulty:75175Easy
Topic:7 5 Define75Data75Analytics
Learning75Objective:7 5 01-
0175Define75Data75Analytics.75Bloom's:7 5 Remember
AACSB:7 5 Reflective75Thinking
AICPA:7 5 BB75Industry;75FN75Decision75Making

3) Data75analytics75has75the75potential75to75transform75the75manner75in75which75compani
es75run75their75businesses;75however,75it75is75not75practical75in75the75near75future.

Answer:7 5 FALSE75
Difficulty:75175Easy
Topic:7 5 How75Data75Analytics75Affects75Business
Learning75Objective:7 5 01-
0275Understand75why75Data75Analytics75matters75to75business.75Bloom's:7 5 Rememb
er
AACSB:7 5 Reflective75Thinking
AICPA:7 5 BB75Industry;75FN75Decision75Making

4) Auditors75can75use75social75media75to75hear75what75customers75are75saying75about75a75
company75and75compare75this75to75inventory75obsolescence75and75other75estimates.

Answer:7 5 TRUE75D
ifficulty:75275Medium
Topic:7 5 Financial75Reporting
Learning75Objective:7 5 01-
0375Explain75why75Data75Analytics75matters75to75accountants.75Bloom's:7 5 Understa
nd
1
Copyright75201975©75McGraw-
Hill75Education.75All75rights75reserved.75No75reproduction75or75distribution75without75the75prior75written75con
sent75of75McGraw-Hill75Education.

,AACSB:7 5 Reflective75Thinking
AICPA:7 5 BB75Industry;75FN75Decision75Making




2
Copyright75201975©75McGraw-
Hill75Education.75All75rights75reserved.75No75reproduction75or75distribution75without75the75prior75written75con
sent75of75McGraw-Hill75Education.

, 5) Data75analytics75allows75auditors75to75glean75insights75that75are75beneficial75to75the75cli
ent,75without75breaching75independence.

Answer:7 5 TRUE75D
ifficulty:75275Medium
75Topic:7 5 Auditing
Learning75Objective:7 5 01-
0375Explain75why75Data75Analytics75matters75to75accountants.75Bloom's:7 5 Rememb
er
AACSB:7 5 Reflective75Thinking
AICPA:7 5 BB75Industry;75FN75Decision75Making

6) The75predictive75analytics75is75an75important75aspect75of75data75analytics75for75auditor
s,75but75is75not75applicable75for75tax75accountants.

Answer:75FALSE
75Difficulty:75175E
asy75Topic:7 5 Tax
Learning75Objective:7 5 01-
0375Explain75why75Data75Analytics75matters75to75accountants.75Bloom's:7 5 Und
erstand
AACSB:7 5 Reflective75Thinking
AICPA:7 5 BB75Industry;75FN75Decision75Making

7) The75I75in75IMPACT75Cycle75represents75Identify75the75Question.

Answer:7 5 TRUE75D
ifficulty:75275Medium
Topic:7 5 The75Data75Analytics75Process75Using75the75Impact75Cycle
Learning75Objective:7 5 01-
0475Describe75the75Data75Analytics75Process75Using75the75IMPACT75Cycle.75Bloom's:7 5 Remembe
r
AACSB:7 5 Reflective75Thinking
AICPA:7 5 BB75Industry;75FN75Decision75Making

8) The75M75in75IMPACT75Cycle75represents75Master75the75Data.

Answer:7 5 TRUE75D
ifficulty:75275Medium
Topic:7 5 The75Data75Analytics75Process75Using75the75Impact75Cycle
Learning75Objective:7 5 01-
0475Describe75the75Data75Analytics75Process75Using75the75IMPACT75Cycle.75Bloom's:7 5 Remembe
r
AACSB:7 5 Reflective75Thinking
AICPA:7 5 BB75Industry;75FN75Decision75Making


3
Copyright75201975©75McGraw-
Hill75Education.75All75rights75reserved.75No75reproduction75or75distribution75without75the75prior75written75con
sent75of75McGraw-Hill75Education.