Test Bank - Data Analytics for Accounting, 3rd Edition By Vernon Richardson

TESTBANKn




DataAnalyticsforAccounting,3rdEdition
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byVernon Richardson,Chapters1 –9
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,Chapter 1: Data Analytics for Accounting and Identifying the Questions
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Chapter 2: Mastering the Data
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Chapter 3: Performing the Test Plan and Analyzing the Results Chapter4:Communicating
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ResultsandVisualizations
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Chapter 5: The Modern Accounting Environment Chapter 6:Audit
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DataAnalytics
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Chapter 7:ManagerialAnalytics
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Chapter 8: FinancialStatementAnalytics Chapter 9: Tax Analytics
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,Answers are at the End of Each Chapter
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1) Data analytics is the process of evaluating data with the purpose of drawing
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conclusions toaddress business questions.
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2) The
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process of data analytics aims to transform raw information into data to create
value.
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3) Data analytics has the potential to transform the manner in which companies
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run theirbusinesses, however it is not practical in thenear future.
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4) Auditors can use social media to hear what customers are saying about a
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company andcompare this to inventory obsolescence and other estimates.
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5) Data analytics allows auditors to glean insights that are beneficial to the
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client, withoutbreechingindependence.
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, 6) The predictive analytics is an important aspect of data analytics for auditors,
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but is notapplicable for tax accountants.
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7) The Iin IMPACT Cycle represents Identify the Question.
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8) The M in IMPACT Cycle represents Master the Data.
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9) The P in IMPACT Cycle represents Predict the Results.
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10) The A in IMPACT Cycle represents Analyze the Data.
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11) The C in IMPACT Cycle represents Continuously Track.
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12) The T in IMPACT Cycle represents Track Outcomes.
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