TEST BANK FOR Data Analytics for Accounting 3rd edition by Vernon Richardson, Ryan Teeter, Katie Terrell ISBN: 978-1264444908 COMPLETE GUIDE ALL CHAPTERS COVERED 100% VERIFIED A+ GRADE ASSURED!!!!!NEW LATEST UPDATE!!!!

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,Test Bank Data Analytics for Accounting, 3rd Edition by Vernon Richardson, Teeter
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Chapter 01 3e ma ma
Answers Included ma




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 conclusion
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s to address 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 the
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ir businesses, however it is not practical in the near future.
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⊚ true
⊚ false


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


5) Data analytics allows auditors to glean insights that are beneficial to the client, witho
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ut breeching independence.
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⊚ true
⊚ false


6) The predictive analytics is an important aspect of data analytics for auditors, but is n
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ot applicable for tax accountants.
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⊚ true
⊚ false


7) The I in IMPACT Cycle represents Identify the Question.
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2

, ⊚ true
⊚ false


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
⊚ false


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
⊚ false


13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and ne
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w questions are identified.
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⊚ true
⊚ false


14) Data analysis through data manipulation is performing basic analysis to understand th
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e quality of the underlying data and its ability to address the business question.
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⊚ true
⊚ false



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, 15) To be proficient in data analysis, accountants need to become data scientists.
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⊚ true
⊚ false


16) By developing an analytics mindset, accountants will be able to recognize when and ho
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w data analytics can address business questions.
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⊚ true
⊚ false


17) While it is important for accountants to clearly articulate the business problem, drawin
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g appropriate conclusions, based on the data, should be left to statisticians.
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⊚ true
⊚ false


18) Analytic-
minded accountants should report results of analysis in an accessible way to each varied de
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cision maker and their specific needs.
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⊚ true
⊚ false


MULTIPLE CHOICE - ma ma




Choose the one alternative that best completes the statement or answers the question.
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19) With a goal to give organizations the information they need to make sound and timel
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y business decisions, data analytics often involves all of the following except:
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A) technologies.
B) statistics.
C) strategies.
D) databases.



20) Patterns discovered from ma ma ma




blank enable businesses to identify opportunities and risks and better plan for
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blank.


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