TEST BANK Data Analytics for Accounting, 3rd Edition by Vernon Richardson,Chapters 1

TEST BANK
Data Analytics for Accounting, 3rd Edition
by Vernon Richardson, Chapters 1
–9

,Chapter 1: Data Analytics for Accounting and Identifying the Questions
Chapter 2: Mastering the Data

Chapter 3: Performing the Test Plan and Analyzing the Results Chapter 4: Communicating Results and
Visualizations
Chapter 5: The Modern Accounting Environment Chapter 6: Audit Data Analytics

Chapter 7: Managerial Analytics

Chapter 8: Financial Statement Analytics Chapter 9: Tax Analytics

,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 toaddress
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
theirbusinesses, 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
andcompare this to inventory obsolescence and other estimates.
⊚ true


⊚ false

5) Data analytics allows auditors to glean insights that are beneficial to the client,
withoutbreeching independence.
⊚ true


⊚ false

, 6) The predictive analytics is an important aspect of data analytics for auditors, but is
notapplicable 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