TEST BANK FOR Data Analytics for Accounting 2nd Edition by Vernon Richardson , Katie L. Terrell , Ryan A. Teeter ISBN:978-1260837834 COMPLETE GUIDE FOR 100% A+ GRADE ASSURED!! WITH VERIFIED QUESTIONS AND ANWERS!!

,DOWNLOADTHETestBankforDataAnalyticsforAccounting2ndEditionRichard
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DataAnalyticsforAccounting2ndEditionbyRichardson
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CH01
ANSWERSARELOCATEDIN THE SECONDPARTOF THISDOCUMENT sd sd ds ds




TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
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1) Data analytics is the process of evaluating data with the purpose of drawing conclusions to a
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ddress business questions.
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⊚ true
⊚ false


2) The process of data analytics aims to transform raw information into data to create value.
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⊚ true
⊚ false



3) Data analytics has the potential to transform the manner in which companies run their bus ine
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sses, however it is not practical in the near future.
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⊚ true
⊚ false


4) Auditorscanusesocial media to hearwhat customers aresayingabout acompanyand co mp
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are this to inventory obsolescence and other estimates.
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⊚ true
⊚ false


5) Data analytics a llowsa uditors to glean insightst hatarebeneficialto thec lient, withoutb re ec
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hingindependence.
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⊚ true
⊚ false


6) The predictive analytics is an important aspect of data analytics for auditors, but is not app lica
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ble for tax accountants.
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⊚ true
⊚ false



7) The Iin IMPACT Cycle represents Identifythe Question.
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Version 1 sd 1
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,DOWNLOADTHETestBankforDataAnalyticsforAccounting2ndEditionRichard
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DataAnalyticsforAccounting2ndEditionbyRichardson
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CH01
⊚ true
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8) The M in IMPACT Cycle represents Master the Data.
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⊚ true
⊚ false


9) The P in IMPACT Cycle represents Predict the Results.
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⊚ true
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10) The A in IMPACT Cycle represents Analyze the Data.
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⊚ true
⊚ false


11) The C in IMPACT Cycle represents Continuously Track.
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⊚ true
⊚ false



12) The T in IMPACT Cycle represents Track Outcomes.
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⊚ true
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13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new qu est
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ions are identified.
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⊚ true
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14) Data analytics professionalse stimatet hatt heyspendbetween25percent a nd 70percent o ft hei
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r time cleaning data so it can be analyzed.
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⊚ true
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Version 1 sd 2
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, DOWNLOADTHETestBankforDataAnalyticsforAccounting2ndEditionRichard
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DataAnalyticsforAccounting2ndEditionbyRichardson
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CH01

15) Data analysis through data manipulation is performing basic analysis to understand the qu ali
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ty of the underlying data and its ability to address the business question.
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⊚ true
⊚ false


16) To be proficient in data analysis, accountants need to become data scientists.
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⊚ true
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17) Bydevelopinga na nalytics mindset,accountants willbeableto recognizewhena nd how dat a a
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nalytics can address business questions.
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⊚ true
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18) While it is important foraccountants toc learlyarticulate theb usinessp roblem,drawingap pr
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opriate conclusions, based on the data, should be left to statisticians.
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⊚ true
⊚ false


19) Analytic-
mindedaccountantss hould reportresultso fa nalysis ina naccessiblewaytoeachvarieddecisio n m
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aker and their specific needs.
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⊚ true
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MULTIPLE CHOICE - sd sd




Choose the one alternative that best completes the statement or answers the question.
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20) With agoal togiveo rganizations the information theyneed to makesound and timelybus ine
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ss decisions, data analytics often involves all of the following except:
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Version 1 sd 3
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