TEST BANK for Data Analytics for Accounting 3rd Edition by Vernon Richardson, Ryan A. Teeter & Katie L. Terrell ALL CHAPTERS 1-9| A+ PASS ALL ANSWERS AT THE BACK OF EACH CHAPTER

TEST BANK for Data Analytics for
Accounting 3rd Edition by Vernon
Richardson, Ryan A. Teeter & Katie
L. Terrell
ALL CHAPTERS 1-9| A+ PASS
ALL ANSWERS AT THE BACK OF EACH CHAPTER




1|Page

, Chapter 01

TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.

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



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




2|Page

,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.

⊚ 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

3y3|y3Py3ay
3 gy3 e

, ⊚ false



13) They3IMPACTy3cycley3isy3iterative,y3asy3insightsy3arey3gained,y3outcomesy3arey3tracked,y3andy3ne
wy3questionsy3arey3identified.

⊚ true

⊚ false



14) Datay3analysisy3throughy3datay3manipulationy3isy3performingy3basicy3analysisy3toy3understandy3they
3qualityy3ofy3they3underlyingy3datay3andy3itsy3abilityy3toy3addressy3they3businessy3question.


⊚ true

⊚ false



15) Toy3bey3proficienty3iny3datay3analysis,y3accountantsy3needy3toy3becomey3datay3scientists.

⊚ true

⊚ false



16) Byy3developingy3any3analyticsy3mindset,y3accountantsy3willy3bey3abley3toy3recognizey3wheny
3andy3howy3datay3analyticsy3cany3addressy3businessy3questions.


⊚ true

⊚ false



17) Whiley3ity3isy3importanty3fory3accountantsy3toy3clearlyy3articulatey3they3businessy3problem,y3drawi
ngy3appropriatey3conclusions,y3basedy3ony3they3data,y3shouldy3bey3lefty3toy3statisticians.

⊚ true

⊚ false




4y3|y3Py3ay
3 gy3 e