@
IA
AF
KM
BAN
ST
, iuytre
TEST BANK FOR
Data Analytics for Accounting, 3rd Edition by Vernon Richardson, Teeter
Chapter 01 3e Answers Included ✅
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
ST
2) The process of data analytics aims to transform raw information into data to create value.
⊚ true
⊚ false
B
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.
AN
⊚ 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.
KM
⊚ true
⊚ false
5) Data analytics allows auditors to glean insights that are beneficial to the client, without
breeching independence.
⊚ true
AF
⊚ false
6) The predictive analytics is an important aspect of data analytics for auditors, but is not
applicable for tax accountants.
IA
⊚ true
⊚ false
7) The I in IMPACT Cycle represents Identify the Question.
@
iuytrew
, iuytre
⊚ true
⊚ false
8) The M in IMPACT Cycle represents Master the Data.
⊚ true
⊚ false
ST
9) The P in IMPACT Cycle represents Predict the Results.
⊚ true
⊚ false
B
10) The A in IMPACT Cycle represents Analyze the Data.
⊚ true
⊚ false
AN
11) The C in IMPACT Cycle represents Continuously Track.
⊚ true
⊚ false
KM
12) The T in IMPACT Cycle represents Track Outcomes.
⊚ true
⊚ false
13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new
AF
questions are identified.
⊚ true
⊚ false
14) Data analysis through data manipulation is performing basic analysis to understand the
IA
quality of the underlying data and its ability to address the business question.
⊚ true
⊚ false
@
iuytrew
, iuytre
15) To be proficient in data analysis, accountants need to become data scientists.
⊚ true
⊚ false
16) By developing an analytics mindset, accountants will be able to recognize when and how
data analytics can address business questions.
ST
⊚ true
⊚ false
17) While it is important for accountants to clearly articulate the business problem, drawing
B
appropriate conclusions, based on the data, should be left to statisticians.
⊚ true
⊚ false
AN
18) Analytic-minded accountants should report results of analysis in an accessible way to
each varied decision maker and their specific needs.
⊚ true
⊚ false
KM
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
answers the question.
19) With a goal to give organizations the information they need to make sound and timely
business decisions, data analytics often involves all of the following except:
AF
A) technologies.
B) statistics.
C) strategies.
D) databases.
IA
20) Patterns discovered from blank enable businesses to identify opportunities
and risks and better plan for blank.
@
iuytrew
IA
AF
KM
BAN
ST
, iuytre
TEST BANK FOR
Data Analytics for Accounting, 3rd Edition by Vernon Richardson, Teeter
Chapter 01 3e Answers Included ✅
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
ST
2) The process of data analytics aims to transform raw information into data to create value.
⊚ true
⊚ false
B
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.
AN
⊚ 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.
KM
⊚ true
⊚ false
5) Data analytics allows auditors to glean insights that are beneficial to the client, without
breeching independence.
⊚ true
AF
⊚ false
6) The predictive analytics is an important aspect of data analytics for auditors, but is not
applicable for tax accountants.
IA
⊚ true
⊚ false
7) The I in IMPACT Cycle represents Identify the Question.
@
iuytrew
, iuytre
⊚ true
⊚ false
8) The M in IMPACT Cycle represents Master the Data.
⊚ true
⊚ false
ST
9) The P in IMPACT Cycle represents Predict the Results.
⊚ true
⊚ false
B
10) The A in IMPACT Cycle represents Analyze the Data.
⊚ true
⊚ false
AN
11) The C in IMPACT Cycle represents Continuously Track.
⊚ true
⊚ false
KM
12) The T in IMPACT Cycle represents Track Outcomes.
⊚ true
⊚ false
13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new
AF
questions are identified.
⊚ true
⊚ false
14) Data analysis through data manipulation is performing basic analysis to understand the
IA
quality of the underlying data and its ability to address the business question.
⊚ true
⊚ false
@
iuytrew
, iuytre
15) To be proficient in data analysis, accountants need to become data scientists.
⊚ true
⊚ false
16) By developing an analytics mindset, accountants will be able to recognize when and how
data analytics can address business questions.
ST
⊚ true
⊚ false
17) While it is important for accountants to clearly articulate the business problem, drawing
B
appropriate conclusions, based on the data, should be left to statisticians.
⊚ true
⊚ false
AN
18) Analytic-minded accountants should report results of analysis in an accessible way to
each varied decision maker and their specific needs.
⊚ true
⊚ false
KM
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
answers the question.
19) With a goal to give organizations the information they need to make sound and timely
business decisions, data analytics often involves all of the following except:
AF
A) technologies.
B) statistics.
C) strategies.
D) databases.
IA
20) Patterns discovered from blank enable businesses to identify opportunities
and risks and better plan for blank.
@
iuytrew
