ACC300 EXAM QUESTIONS WITH VERIFIED
SOLUTIONS
The practice of identifying the difference between a bidget amount and actual performance
is called?
Variance Analysis
To Identify an anomaly, you must have a valid _____?
Expectation
Which of the following can potentially find a transaction that is recorded twice?
Test of duplicates
The test to see if the key number field in a record is in correct ascending or descending
order is called _____?
sequence test
Top 3 skills in 2025 per the World Economic Forum
1) Technological skills 2) Creative Thinking 3) Resilience, Flexibility and agility.
What is accounting?
the systematic process of recording, organizing, analyzing, and reporting a business's financial
transactions.
what is the art of data analytics?
the creative process of transforming raw, complex data into meaningful, actionable narratives,
moving beyond mere computation to uncover hidden patterns and insights.
Why analytics for accounting and Why do we focus on communication skills?
Analytics in accounting enables real-time decision-making, risk assessment, and increased
efficiency
Strong communication skills are essential to translate complex data analytics into clear,
actionable narratives for stakeholders, foster client relationships, and improve collaboration.
how can accounting data analytics can be used?
detecting fraudulent transactions in real-time, forecasting cash flow and budgets using historical
trends, auditing 100% of transactions rather than samples, and analyzing customer behavior to
boost profitability.
Types of accounting data used in accounting analytics
, descriptive (what happened), diagnostic (why), predictive (future forecasts), and prescriptive
(recommended actions).
Subledger
a detailed, specialized record that tracks specific types of financial transactions (e.g., individual
customer invoices or vendor payments).
Types of non-accounting data used in accounting analytics
external market data, operational metrics, social media sentiment, and IoT sensor readings,
which provide context for financial performance.
Structured data
Highly organized data that fits nicely in a table or in a database.
Unstructured Data
Tends to be text data without internal organization ex. Instagram post, tweets, etc.
Categorical data
Data that tends to "categorize" items represented by words
Ex. Hair colors (blonde, brunette, ginger, etc.)
Numerical data
Data that takes the form of meaningful numbers
Sometimes called a "measure"
How do accountants get access to data?
If you work internally - you will have access to the company systems
If you are an auditor or consultant - you will have to ask for the data
Database
a structured dataset that can be accessed by many potential users via a computer system or
network
Relational database
database that breaks data into separate tables, each containing a unique list of items stored
(instead of storing all the data in one massive table).
Excel
Powerful tool for analyzing and exploring data
Alteryx
powerful tool for tidying and analyzing data
SOLUTIONS
The practice of identifying the difference between a bidget amount and actual performance
is called?
Variance Analysis
To Identify an anomaly, you must have a valid _____?
Expectation
Which of the following can potentially find a transaction that is recorded twice?
Test of duplicates
The test to see if the key number field in a record is in correct ascending or descending
order is called _____?
sequence test
Top 3 skills in 2025 per the World Economic Forum
1) Technological skills 2) Creative Thinking 3) Resilience, Flexibility and agility.
What is accounting?
the systematic process of recording, organizing, analyzing, and reporting a business's financial
transactions.
what is the art of data analytics?
the creative process of transforming raw, complex data into meaningful, actionable narratives,
moving beyond mere computation to uncover hidden patterns and insights.
Why analytics for accounting and Why do we focus on communication skills?
Analytics in accounting enables real-time decision-making, risk assessment, and increased
efficiency
Strong communication skills are essential to translate complex data analytics into clear,
actionable narratives for stakeholders, foster client relationships, and improve collaboration.
how can accounting data analytics can be used?
detecting fraudulent transactions in real-time, forecasting cash flow and budgets using historical
trends, auditing 100% of transactions rather than samples, and analyzing customer behavior to
boost profitability.
Types of accounting data used in accounting analytics
, descriptive (what happened), diagnostic (why), predictive (future forecasts), and prescriptive
(recommended actions).
Subledger
a detailed, specialized record that tracks specific types of financial transactions (e.g., individual
customer invoices or vendor payments).
Types of non-accounting data used in accounting analytics
external market data, operational metrics, social media sentiment, and IoT sensor readings,
which provide context for financial performance.
Structured data
Highly organized data that fits nicely in a table or in a database.
Unstructured Data
Tends to be text data without internal organization ex. Instagram post, tweets, etc.
Categorical data
Data that tends to "categorize" items represented by words
Ex. Hair colors (blonde, brunette, ginger, etc.)
Numerical data
Data that takes the form of meaningful numbers
Sometimes called a "measure"
How do accountants get access to data?
If you work internally - you will have access to the company systems
If you are an auditor or consultant - you will have to ask for the data
Database
a structured dataset that can be accessed by many potential users via a computer system or
network
Relational database
database that breaks data into separate tables, each containing a unique list of items stored
(instead of storing all the data in one massive table).
Excel
Powerful tool for analyzing and exploring data
Alteryx
powerful tool for tidying and analyzing data
