Test Bank (revised)For Data Analytics for Accounting, 3rd Edition Richardson

,
,Test Bank For
Data Analytics for Accounting, 3rd Edition Richardson
Chapter 1-9
Answers are at the End of Each Chapter

Chapter 01:
Student name:__________
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

, 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
⊚ false