ACCT 3007 CH 1 SB EXAM QUESTIONS WITH VERIFIED SOLUTIONS LATEST UPDATE 2026
The increasing amount of data may hinder the work of the accountant due to _____. - Answers
information overload
True or false: The increasing amount of data may hinder the work of the accountant since there may
be too much information that it can not be properly synthesized or interpreted. - Answers True
True or false: Accountants have a competitive advantage over machines with respect to higher level
critical thinking skills. - Answers True
Bloom's taxonomy offers a _________ to think about critical thinking skills. - Answers foundation or
framework
EY(an accounting firm) argues that all accountants will ultimately need a(n) ________ mindset. -
Answers analytics
There are 2.5 _____ bytes of data created every day. - Answers quintillion
Data analytics is the process of evaluating data with the purpose of drawing ________,to address all
types of questions. - Answers conclusion
Information __________ is the situation where there is so much information it may not be properly
synthesized or interpreted. - Answers overload
The A in the AMPS model stands for ____. - Answers Ask the Question
Machines excel at ______ as compared to accountants in terms of Bloom's Taxonomy or critical
thinking skills. - Answers remembering
Much of introductory accounting addresses the __________ critical thinking skill using Bloom's
Taxonomy. - Answers remembering
One of the components of the analytics mindset is to extract, transform and ___________ relevant
data. - Answers load
Addressing the question, "Can our variance analysis help explain why the labor expenses increased
over the past year?" would be an example of _____________ analytics. - Answers diagnostic
Data Analytics is the __________ of evaluating data with the purpose of drawing conclusions to
address all types of questions. - Answers process
The question "Will it happen in the future?" is an example of _____________ analytics. - Answers
predictive
The M in the AMPS model stands for ____. - Answers Master the data
Addressing the question, "What should we do based on what we expect will happen?" is an example
of _________ analytics. - Answers prescriptive
Data ____________ is the extent to which data is accurate, valid, and consistent over time. - Answers
integrity
True or false: Diagnostic analytics addresses the question, "What is happening?". - Answers false
Two of the most popular programs used in data analytics for business purposes is ______ and
Tableau. - Answers Excel
The question "What is the chance a company will go bankrupt?" is an example of _____ analytics. -
Answers predictive
A ________ is a graphical summary of various measures tracked by a company. - Answers dashboard
Addressing the question, "Should the company make its products or outsource to other
manufacturers?" is an example of _____ analytics. - Answers prescriptive
True or false: After the AMPS model is completed, the data analysts work is considered complete. -
Answers False
True or false: There will sometimes be trade offs between data that is relevant and data that is
reliable. - Answers True
Pivottables would be considered to be a component of which of the following tools needed by
accountants? - Answers spreadsheets
Spreadsheet programs, like Excel, are usually the ________ tool for a great deal of analytics that
accountants will perform. - Answers first
The task of the accountant is to match the ________ type of analytics with the right question. -
Answers right
An annual report would be an example of a _________ visualization. - Answers static
The AMPS model should be _____. - Answers considered recursive, or cyclical in nature
There are four basic tools accountants need to perform data analytics, including spreadsheets,
queries, scripting and _____. - Answers visualizations
The increasing amount of data may hinder the work of the accountant due to _____. - Answers
information overload
True or false: The increasing amount of data may hinder the work of the accountant since there may
be too much information that it can not be properly synthesized or interpreted. - Answers True
True or false: Accountants have a competitive advantage over machines with respect to higher level
critical thinking skills. - Answers True
Bloom's taxonomy offers a _________ to think about critical thinking skills. - Answers foundation or
framework
EY(an accounting firm) argues that all accountants will ultimately need a(n) ________ mindset. -
Answers analytics
There are 2.5 _____ bytes of data created every day. - Answers quintillion
Data analytics is the process of evaluating data with the purpose of drawing ________,to address all
types of questions. - Answers conclusion
Information __________ is the situation where there is so much information it may not be properly
synthesized or interpreted. - Answers overload
The A in the AMPS model stands for ____. - Answers Ask the Question
Machines excel at ______ as compared to accountants in terms of Bloom's Taxonomy or critical
thinking skills. - Answers remembering
Much of introductory accounting addresses the __________ critical thinking skill using Bloom's
Taxonomy. - Answers remembering
One of the components of the analytics mindset is to extract, transform and ___________ relevant
data. - Answers load
Addressing the question, "Can our variance analysis help explain why the labor expenses increased
over the past year?" would be an example of _____________ analytics. - Answers diagnostic
Data Analytics is the __________ of evaluating data with the purpose of drawing conclusions to
address all types of questions. - Answers process
The question "Will it happen in the future?" is an example of _____________ analytics. - Answers
predictive
The M in the AMPS model stands for ____. - Answers Master the data
Addressing the question, "What should we do based on what we expect will happen?" is an example
of _________ analytics. - Answers prescriptive
Data ____________ is the extent to which data is accurate, valid, and consistent over time. - Answers
integrity
True or false: Diagnostic analytics addresses the question, "What is happening?". - Answers false
Two of the most popular programs used in data analytics for business purposes is ______ and
Tableau. - Answers Excel
The question "What is the chance a company will go bankrupt?" is an example of _____ analytics. -
Answers predictive
A ________ is a graphical summary of various measures tracked by a company. - Answers dashboard
Addressing the question, "Should the company make its products or outsource to other
manufacturers?" is an example of _____ analytics. - Answers prescriptive
True or false: After the AMPS model is completed, the data analysts work is considered complete. -
Answers False
True or false: There will sometimes be trade offs between data that is relevant and data that is
reliable. - Answers True
Pivottables would be considered to be a component of which of the following tools needed by
accountants? - Answers spreadsheets
Spreadsheet programs, like Excel, are usually the ________ tool for a great deal of analytics that
accountants will perform. - Answers first
The task of the accountant is to match the ________ type of analytics with the right question. -
Answers right
An annual report would be an example of a _________ visualization. - Answers static
The AMPS model should be _____. - Answers considered recursive, or cyclical in nature
There are four basic tools accountants need to perform data analytics, including spreadsheets,
queries, scripting and _____. - Answers visualizations
