Solutions Manual for Data and Analytics in Accounting 1st Edition (Dzuranin) | Full Chapters 1–10

1-1

,Solution Manual for ww ww




Data and Analytics in Accounting An Integrated Approach 1e Ann
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C. Dzuranin, Guido Geerts, Margarita Lenk
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CHAPTER 1 ww




DATA AND ANALYTICS IN THE ACCOUNTING
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PROFESSION ww




Learning Objectives: ww



LO 1.1: Summarize how advances in data and technology are impacting accounting
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professionals. LO 1.2: Describe the stages of the data analysis process.
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LO 1.3: Identify the skills necessary to perform data analysis.
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LO 1.4: Explain how to apply a data analytics mindset during the data analysis process.
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ANSWERS TO MULTIPLE CHOICE QUESTIONS ww ww ww ww




1. w w A 5. w w B
LO w w 1.1, w w BT: w w K, w w Difficulty: w w Easy, w w TOT: w w 2 w w min, w w AACSB:
LO ww1.2, wwBT: wwK, wwDifficulty: wwEasy, wwTOT: ww2 wwmin, wwAACSB: wwKnowledge, wwAICPA wwFC:
w w Knowledge, w w AICPA w w FC: w w Leverage wwTechnology wwto wwDevelop
w w Leverage ww Technology w w to w w Develop wwand ww Enhance ww Functional ww Competencies
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2. w w C 6. w w w w C
LO ww1.1, wwBT: wwK, wwDifficulty: wwEasy, wwTOT: ww2 wwmin, wwAACSB:
wwKnowledge, wwAICPA wwFC: w w Leverage ww Technology w w to w w Develop

wwand ww Enhance ww Functional ww Competencies




3. w w C
LO ww1.2, wwBT: wwK, wwDifficulty: wwEasy, wwTOT: ww2 wwmin, wwAACSB:
wwKnowledge, wwAICPA wwFC: w w Leverage ww Technology w w to w w Develop

wwand ww Enhance ww Functional ww Competencies




4. w w B
LO ww1 ww2, wwBT: wwK, wwDifficulty: wwEasy, wwTOT: ww2 wwmin, wwAACSB:
wwKnowledge, wwAICPA wwFC: w w Leverage ww Technology w w to w w Develop

wwand ww Enhance ww Functional ww Competencies




1-2

, LO ww1.2, wwBT: wwK, wwDifficulty: wwEasy, wwTOT: ww2 wwmin,
wwAACSB: wwKnowledge, wwAICPA wwFC: w w Leverage

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w w Competencies




7. w w D
LO ww1.2, wwBT: wwC, wwDifficulty: wwMedium, wwTOT: ww3 wwmin,
wwAACSB: wwAnalytic, wwAICPA wwFC: w w Leverage

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ww Competencies




8. w w C
LO ww1.2, wwBT: wwC, wwDifficulty: wwMedium, wwTOT: ww3 wwmin,
wwAACSB: wwAnalytic, wwAICPA wwFC: w w Leverage

ww Technology w w to w w Develop wwand w w Enhance

ww Functional ww Competencies




9. w w A
LO ww1.3, wwBT: wwK, wwDifficulty: wwEasy, wwTOT: ww2
wwmin, wwAACSB: wwKnowledge, wwAICPA wwFC:

w w Leverage ww Technology w w to ww Develop ww and

ww Enhance ww Functional w w Competencies




10.D
LO ww1.3, wwBT: wwK, wwDifficulty: wwEasy, wwTOT: ww2 wwmin,
wwAACSB: wwKnowledge, wwAICPA wwFC: w w Leverage

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w w Competencies




11.B




1-3

, LO ww1.3, wwBT: wwK, wwDifficulty: wwEasy, wwTOT: ww2 wwmin, wwAACSB:
wwKnowledge, wwAICPA wwFC: w w Leverage ww Technology w w to ww Develop
14.A
ww and ww Enhance ww Functional w w Competencies
LO ww1.4, wwBT: wwC, wwDifficulty: wwMedium, wwTOT: ww3 wwmin, wwAACSB: wwAnalytic,
wwAICPA wwFC: w w Leverage ww Technology w w to w w Develop wwand w w Enhance

ww Functional ww Competencies
12.A
LO ww1.4, wwBT: wwK, wwDifficulty: wwEasy, wwTOT: ww2 wwmin, wwAACSB:
wwKnowledge, wwAICPA wwFC: w w Leverage ww Technology w w to ww Develop
15.B
ww and ww Enhance ww Functional w w Competencies
LO ww1.4, wwBT: wwC, wwDifficulty: wwMedium, wwTOT: ww3 wwmin, wwAACSB: wwAnalytic,
wwAICPA wwFC: w w Leverage ww Technology w w to w w Develop ww and ww Enhance

ww Functional ww Competencies
13.D
LO ww1.4, wwBT: wwK, wwDifficulty: wwEasy, wwTOT: ww2 wwmin, wwAACSB:
wwKnowledge, wwAICPA wwFC: w w Leverage ww Technology w w to ww Develop

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ANSWERS TO REVIEW QUESTIONS ww ww ww




1. Both the CPA exam and the CMA exam have added data analytic content to their
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exams. This is in response to what new professionals need to know as they enter the
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accounting profession. The CPA Exam Evolution is a strong indication of how the
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accounting profession is changing. The new CPA exam will have more technology and
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data analytics questions in the Core exam, as well as the Discipline exams.
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LO ww1.1, wwBT: wwK, wwDifficulty: wwEasy, wwTOT: ww6 wwmin, wwAACSB: wwKnowledge, wwAICPA wwFC: wwLeverage wwTechnology wwto wwDevelop wwand wwEnhance wwFunctional wwCompetencies



2.

Changes Accounting Practice Area ww ww


1. Ability to use entire data sets to
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identify exceptions, anomalies, and
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outliers
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2. Automation of manual processes
ww ww ww ww ANS: a., b., c., d. (All areas)
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3. Automation of journal entries
ww ww ww ww ANS: b. Financial accounting
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4. Risk identification
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accounting
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5. Forecasting
ww ANS: b. Financial accounting, c.
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Managerial accounting
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6. Compliance reporting
ww ww ANS: d. Tax accounting
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LO ww1.1, wwBT: wwC, wwDifficulty: wwMedium, wwTOT: ww8 wwmin, wwAACSB: wwAnalytic, wwAICPA wwFC: wwLeverage wwTechnology wwto wwDevelop wwand wwEnhance wwFunctional wwCompetencies



3. Data are raw facts and figures. Technology helps covert that data into information.
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Information is the knowledge gained from analyzing the data.
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LO ww1.1, wwBT: wwC, wwDifficulty: wwMedium, wwTOT: ww6 wwmin, wwAACSB: wwAnalytic, wwAICPA wwFC: wwLeverage wwTechnology wwto wwDevelop wwand wwEnhance wwFunctional wwCompetencies



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