Solution Manual For Data Analytics for Accounting, 3rd Edition Richardson

SOLUTIONMANUAL m




Data Analytics for Accounting, 3rd Edition
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by Vernon Richardson,Chapters 1 - 9
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1

,Chapter 1: Data Analytics for Accounting and Identifying the Questions Chapter 2: Mastering the Data
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Chapter 3: Performing the Test Plan and Analyzing the Results Chapter 4: Communicating Results and
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Visualizations
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Chapter 5: The Modern Accounting Environment Chapter 6: Audit Data
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Analytics
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Chapter 7: Managerial Analytics
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Chapter 8: Financial Statement Analytics Chapter 9: Tax Analytics
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2

,Solutions Manual – Chapter 1
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Solutions to Multiple Choice Questions
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1. (LO 1-1) Big Data is often described by the four Vs, or
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a. volume, velocity, veracity, and variability.
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b. volume, velocity, veracity, and variety.
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c. volume, volatility, veracity, and variability.
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d. variability, velocity, veracity, and variety. mm mm mm mm




Answer: b mm




2. LO 1-4) Which data approach attempts to assign each unit in a population into a small set
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m ofclasses (or groups) where the unit best fits?
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a. Regression
b. Similarity matching mm




c. Co-occurrence grouping mm




d. Classification

Answer: d mm




3. (LO 1-4) Which data approach attempts to identify similar individuals based on data
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mknownabout them?
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a. Classification
b. Regression
c. Similarity matching mm




d. Data reduction mm




Answer: c mm




4. (LO 1-4) Which data approach attempts to predict connections between two data items?
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a. Profiling
b. Classification
c. Link prediction mm




d. Regression




3

, Answer: c mm




5. (LO 1-6) Which of these terms is defined as being a central repository of descriptions for all of
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m the data attributes of the dataset?
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a. Big Data
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b. Data warehouse mm




c. Data dictionarymm




d. Data Analytics mm




Answer: c mm




6. (LO 1-5) Which skills were not emphasized that analytic-minded accountants should have?
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a. Developed an analytics mindset mm mm mm




b. Data scrubbing and data preparation
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c. Classification of test approaches mm mm mm




d. Statistical data analysis competency mm mm mm




Answer: c mm




7. (LO 1-5) In which areas were skills not emphasized for analytic-minded accountants?
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a. Data quality mm




b. Descriptive data analysis mm mm




c. Data visualization and data reporting
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d. Data and systems analysis and design
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Answer: d mm




8. (LO 1-4) The IMPACT cycle includes all except the following steps:
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a. perform test plan. mm mm




b. visualize the data. mm mm




c. master the data. mm mm




d. track outcomes.mm




Answer: b mm




9. (LO 1-4) The IMPACT cycle specifically includes all except the following steps:
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a. data preparation.
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b. communicate insights. mm




c. address and refine results. mm mm mm




d. perform test plan. mm mm




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