Data Analytics for Accounting, 3rd Edition – Test Bank (Vernon Richardson)

TEST BANK

Data Analytics for Accounting, 3rd Edition

By Vernon Richardson, Chapters 1 – 9

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

,o Answers are at the End of Each Chapter

o Chapter 01:
o Student name:
o Data analytics is the process of evaluating data with the purpose of drawing
conclusions to address business questions.
o ⊚ true
o ⊚ false




o Data analytics has the potential to transform the manner in which companies run
their businesses, however it is not practical in the near future.
o ⊚ true
o ⊚ false

o Auditors can use social media to hear what customers are saying about a company
and compare this to inventory obsolescence and other estimates.
o ⊚ true
o ⊚ false

o Data analytics allows auditors to glean insights that are beneficial to the client,
without breeching independence.
o ⊚ true
o ⊚ false

, o The predictive analytics is an important aspect of data analytics for auditors, but
is not applicable for tax accountants.
o ⊚ true
o ⊚ false

o The I in IMPACT Cycle represents Identify the Question.
o ⊚ true
o ⊚ false

o The M in IMPACT Cycle represents Master the Data.
o ⊚ true
o ⊚ false

o The P in IMPACT Cycle represents Predict the Results.
o ⊚ true
o ⊚ false

o The A in IMPACT Cycle represents Analyze the Data.
o ⊚ true
o ⊚ false

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

o The T in IMPACT Cycle represents Track Outcomes.
o ⊚ true
o ⊚ false