TEST BANK For Data Analytics for Accounting, 3rd Edition by Vernon Richardson, Verified Chapters 1 - 9, Complete Newest Version

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DataAnalyticsforAccounting,3rdEdition
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byVernonRichardson,Chapters1–9
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,Chapter1: DataAnalyticsfor Accounting andIdentifying the Questions
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Chapter2: MasteringtheData
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Chapter 3: Performing the Test Planand Analyzing the Results Chapter4:Communicating
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ResultsandVisualizations
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Chapter5:TheModern AccountingEnvironment Chapter 6:Audit
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vg DataAnalytics
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Chapter7:ManagerialAnalytics
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Chapter8:FinancialStatementAnalytics Chapter 9: Tax Analytics
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,Answersareatthe EndofEach Chapter
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Chapter01: g
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1) Dataanalytics is the process of evaluating datawith the purposeof drawing
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conclusions toaddressbusinessquestions.
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2) The
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process of dataanalyticsaims to transform raw information into datato create
value.
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3) Dataanalytics hasthe potential totransform themanner in which companies
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run theirbusinesses,howeveritis notpractical in thenearfuture.
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4) Auditors can use social media to hear whatcustomersare sayingabout a
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company andcomparethis to inventoryobsolescence and other estimates.
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5) Dataanalytics allows auditorstogleaninsights that are beneficial tothe
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client, withoutbreechingindependence.
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, 6) The predictive analyticsis an importantaspect of data analytics for auditors,
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butis notapplicablefor tax accountants.
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7) The Iin IMPACT Cyclerepresents Identifythe Question.
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8) TheM in IMPACT Cyclerepresents Master theData.
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9) ThePin IMPACT Cycle represents Predict theResults.
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10) TheA in IMPACT Cycle represents Analyzethe Data.
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11) TheCin IMPACT Cycle represents ContinuouslyTrack.
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12) TheT in IMPACT Cycle represents Track Outcomes.
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