,ACCESS Test Bank for Data Analytics for Accounting 3rd Edition
h h h h h h h h h
Richardson, Teeter, TerRreillc–hDaar
htadAsnoan
hlytics for Accounting, 3e h h h
Solutions Manual – Chapter 1
h h h h
SolutionshtohMultiplehChoicehQuestions
1. (LOh1-1)hBighDatahishoftenhdescribedhbyhthehfourhVs,hor
a. volume,hvelocity,hveracity,handhvariability.
b. volume,hvelocity,hveracity,handhvariety.
c. volume,hvolatility,hveracity,handhvariability.
d. variability,hvelocity,hveracity,handhvariety.
Answer:hb
2. LOh1-
4)hWhichhdatahapproachhattemptshtohassignheachhunithinhahpopulationhintohahsmallhsethofhclassesh(or
hgroups)hwherehthehunithbesthfits?
a. Regression
b. Similarityhmatching
c. Co-occurrencehgrouping
d. Classification
Answer:hd
3. (LOh1-
4)hWhichhdatahapproachhattemptshtohidentifyhsimilarhindividualshbasedhonhdatahknownhabouththe
m?
a. Classification
b. Regression
c. Similarityhmatching
d. Datahreduction
Answer:hc
4. (LOh1-4)hWhichhdatahapproachhattemptshtohpredicthconnectionshbetweenhtwohdatahitems?
a. Profiling
b. Classification
c. Linkhprediction
d. Regression
Answer:hc
5. (LOh1-
6)hWhichhofhthesehtermshishdefinedhashbeinghahcentralhrepositoryhofhdescriptionshforhallhofhthehdatahatt
ributeshofhthehdataset?
©hMcGrawhHillhLLC.hAllhrightshreserved.hNohreproductionhorhdistributionhwithouththehpriorhwrittenhconsen
thof
McGrawhHillhLLC.
mynursytest.store
,ACCESS Test Bank for Data Analytics for Accounting 3rd Edition
h h h h h h h h h
Richardson, Teeter, TerRreillc–hDaar
h tadAsnoan
h lytics for Accounting, 3e h h h
a. BighData
b. Datahwarehouse
c. Datahdictionary
d. DatahAnalytics
Answer:hc
6. (LOh1-5)hWhichhskillshwerehnothemphasizedhthathanalytic-mindedhaccountantshshouldhhave?
a. Developedhanhanalyticshmindset
b. Datahscrubbinghandhdatahpreparation
c. Classificationhofhtesthapproaches
d. Statisticalhdatahanalysishcompetency
Answer:hc
7. (LOh1-5)hInhwhichhareashwerehskillshnothemphasizedhforhanalytic-mindedhaccountants?
a. Datahquality
b. Descriptivehdatahanalysis
c. Datahvisualizationhandhdatahreporting
d. Datahandhsystemshanalysishandhdesign
Answer:hd
8. (LOh1-4)hThehIMPACThcyclehincludeshallhexcepththehfollowinghsteps:
a. performhtesthplan.
b. visualizehthehdata.
c. masterhthehdata.
d. trackhoutcomes.
Answer:hb
9. (LOh1-4)hThehIMPACThcyclehspecificallyhincludeshallh excepththehfollowinghsteps:
a. datahpreparation.
b. communicatehinsights.
c. addresshandhrefinehresults.
d. performhtesthplan.
Answer:ha
10. LOh1-
1)hByhthehyearh2024,hthehvolumehofhdatahcreated,hcaptured,hcopied,handhconsumedhworldwide
hwillhbeh149 .
©hMcGrawhHillhLLC.hAllhrightshreserved.hNohreproductionhorhdistributionhwithouththehpriorhwrittenhconsen
thof
McGrawhHillhLLC.
mynursytest.store
, ACCESS Test Bank for Data Analytics for Accounting 3rd Edition
h h h h h h h h h
Richardson, Teeter, TerRreillc–hDaar
h tadAsnoan
h lytics for Accounting, 3e h h h
a. zettabytes
b. petabytes
c. exabytes
d. yottabytes
Answer:ha
SolutionshtohDiscussionhandhAnalysishQuestions
1. Thehaccountinghfunctionhishonehofhbeinghanhinformationhprovider.hTohthehextenththathdatahishavail
ablehtohaddresshaccountinghquestions,hbehtheyhtax,hmanagerial,haudithorhfinancialhquestions.hWit
hhsuchhrichhavailablehdata,handhsoftwarehtoolshtohpreparehandhanalyzehthehdata,hdatahanalyticshwil
lhcontinuehtohbehanhimportanthtoolhforhaccountantshtohuse.
2. Datahanalyticshishdefinedhashthehprocesshofhevaluatinghdatahwithhthehpurposehofhdrawinghconcl
usionshtohaddresshbusinesshquestions.hIndeed,heffectivehDatahAnalyticshprovideshahwayhtohsear
chhthroughhlargehstructuredhandhunstructuredhdatahtohidentifyhunknownhpatternshorhrelations
hips.
Ahuniversityhmighthlearnhfromhthehanalyzinghthehdemographicshofhitshcurrenthsethofhstudentshinho
rderhtohattracthitshfuturehstudenthrecruits.hDidhtheyhcomehfromhcitieshorhhighhschoolshthathwerehcl
osehby?hWerehtheirhparentshalumnihofhthehuniversity?hDidhtheyhscorehhighhonhcertainhpartshofhthe
hACT?hWerehthosehofferedhahscholarshiphmorehlikelyhtohattend,hetc.?hWashsocialhmediaheffectivehi
nhattractinghnew,hpotentiallyhstrongerhstudents?hByhanalyzinghthishtypehofhdata,hpreviouslyhunkn
ownhpatternshwillhemergehthathwillhmakehrecruitinghstudentshmoreheffective.
3. Thereharehmanyhpotentialhanswers.hForhexample,hMonsantohmayhusehmathematicalhandhstatisti
calhmodelshtohplothouththehbesthtimeshtohplanthbothhmalehandhfemalehplantshandhwherehtohplanth
themhtohmaximizehyield.h(https://www.cio.com/article/3221621/analytics/6-data-hanalytics-
success-stories-an-inside-look.html#tk.cio_rs)
4. Thereharehmanyhpotentialhanswers.hDatahanalyticshgiveshbothhinternalhandhexternalhauditorshadd
itionalhtoolshtohexamineheveryhaccountinghtransactionhandhassesshforhcompliancehwithhGAAP.hTh
ehaudithprocesshishchanginghfromhahtraditionalhprocesshtowardhahmorehautomatedhone,hwhichhwi
llhallowhaudithprofessionalshtohfocushmorehonhthehlogichandhrationalehbehindhdatahquerieshandhle
sshonhthehgatheringhofhthehactualhdata.hNohlongerhwillhtheyhbehsimplyhcheckinghforherrors,hmateri
alhmisstatements,hfraud,handhriskhinhfinancialhstatementshorhmerelyhbehreportinghtheirhfindingsha
ththehendhofhthehengagement.hInstead,haudithprofessionalshwillhnowhbehcollectinghandhanalyzingh
thehcompany’shdatahsimilarhtohthehwayhahbusinesshanalysthwouldhhelphmanagementhmakehbette
rhbusinesshdecisions.h Inhthishway,hdatahanalyticshoffershvaluehtohthehaudithfunction.
5. Thereharehmanyhpotentialhanswers.hForhexample,hdatahanalyticshassociatedhwithhfinancialhrepo
rtinghmayhhelphaccountantshdeterminehifhanyhofhtheirhinventoryhobsolete?hIthmayhalsohhelphtheh
companyhbenchmarkhonhthehfinancialhstatementshandhfinancialhreportinghofhotherhsimilarhcom
panieshandhunderstandhtheirhaccountinghpracticeshtohhelphinferhtheirhown.
©hMcGrawhHillhLLC.hAllhrightshreserved.hNohreproductionhorhdistributionhwithouththehpriorhwrittenhconsen
thof
McGrawhHillhLLC.
mynursytest.store
h h h h h h h h h
Richardson, Teeter, TerRreillc–hDaar
htadAsnoan
hlytics for Accounting, 3e h h h
Solutions Manual – Chapter 1
h h h h
SolutionshtohMultiplehChoicehQuestions
1. (LOh1-1)hBighDatahishoftenhdescribedhbyhthehfourhVs,hor
a. volume,hvelocity,hveracity,handhvariability.
b. volume,hvelocity,hveracity,handhvariety.
c. volume,hvolatility,hveracity,handhvariability.
d. variability,hvelocity,hveracity,handhvariety.
Answer:hb
2. LOh1-
4)hWhichhdatahapproachhattemptshtohassignheachhunithinhahpopulationhintohahsmallhsethofhclassesh(or
hgroups)hwherehthehunithbesthfits?
a. Regression
b. Similarityhmatching
c. Co-occurrencehgrouping
d. Classification
Answer:hd
3. (LOh1-
4)hWhichhdatahapproachhattemptshtohidentifyhsimilarhindividualshbasedhonhdatahknownhabouththe
m?
a. Classification
b. Regression
c. Similarityhmatching
d. Datahreduction
Answer:hc
4. (LOh1-4)hWhichhdatahapproachhattemptshtohpredicthconnectionshbetweenhtwohdatahitems?
a. Profiling
b. Classification
c. Linkhprediction
d. Regression
Answer:hc
5. (LOh1-
6)hWhichhofhthesehtermshishdefinedhashbeinghahcentralhrepositoryhofhdescriptionshforhallhofhthehdatahatt
ributeshofhthehdataset?
©hMcGrawhHillhLLC.hAllhrightshreserved.hNohreproductionhorhdistributionhwithouththehpriorhwrittenhconsen
thof
McGrawhHillhLLC.
mynursytest.store
,ACCESS Test Bank for Data Analytics for Accounting 3rd Edition
h h h h h h h h h
Richardson, Teeter, TerRreillc–hDaar
h tadAsnoan
h lytics for Accounting, 3e h h h
a. BighData
b. Datahwarehouse
c. Datahdictionary
d. DatahAnalytics
Answer:hc
6. (LOh1-5)hWhichhskillshwerehnothemphasizedhthathanalytic-mindedhaccountantshshouldhhave?
a. Developedhanhanalyticshmindset
b. Datahscrubbinghandhdatahpreparation
c. Classificationhofhtesthapproaches
d. Statisticalhdatahanalysishcompetency
Answer:hc
7. (LOh1-5)hInhwhichhareashwerehskillshnothemphasizedhforhanalytic-mindedhaccountants?
a. Datahquality
b. Descriptivehdatahanalysis
c. Datahvisualizationhandhdatahreporting
d. Datahandhsystemshanalysishandhdesign
Answer:hd
8. (LOh1-4)hThehIMPACThcyclehincludeshallhexcepththehfollowinghsteps:
a. performhtesthplan.
b. visualizehthehdata.
c. masterhthehdata.
d. trackhoutcomes.
Answer:hb
9. (LOh1-4)hThehIMPACThcyclehspecificallyhincludeshallh excepththehfollowinghsteps:
a. datahpreparation.
b. communicatehinsights.
c. addresshandhrefinehresults.
d. performhtesthplan.
Answer:ha
10. LOh1-
1)hByhthehyearh2024,hthehvolumehofhdatahcreated,hcaptured,hcopied,handhconsumedhworldwide
hwillhbeh149 .
©hMcGrawhHillhLLC.hAllhrightshreserved.hNohreproductionhorhdistributionhwithouththehpriorhwrittenhconsen
thof
McGrawhHillhLLC.
mynursytest.store
, ACCESS Test Bank for Data Analytics for Accounting 3rd Edition
h h h h h h h h h
Richardson, Teeter, TerRreillc–hDaar
h tadAsnoan
h lytics for Accounting, 3e h h h
a. zettabytes
b. petabytes
c. exabytes
d. yottabytes
Answer:ha
SolutionshtohDiscussionhandhAnalysishQuestions
1. Thehaccountinghfunctionhishonehofhbeinghanhinformationhprovider.hTohthehextenththathdatahishavail
ablehtohaddresshaccountinghquestions,hbehtheyhtax,hmanagerial,haudithorhfinancialhquestions.hWit
hhsuchhrichhavailablehdata,handhsoftwarehtoolshtohpreparehandhanalyzehthehdata,hdatahanalyticshwil
lhcontinuehtohbehanhimportanthtoolhforhaccountantshtohuse.
2. Datahanalyticshishdefinedhashthehprocesshofhevaluatinghdatahwithhthehpurposehofhdrawinghconcl
usionshtohaddresshbusinesshquestions.hIndeed,heffectivehDatahAnalyticshprovideshahwayhtohsear
chhthroughhlargehstructuredhandhunstructuredhdatahtohidentifyhunknownhpatternshorhrelations
hips.
Ahuniversityhmighthlearnhfromhthehanalyzinghthehdemographicshofhitshcurrenthsethofhstudentshinho
rderhtohattracthitshfuturehstudenthrecruits.hDidhtheyhcomehfromhcitieshorhhighhschoolshthathwerehcl
osehby?hWerehtheirhparentshalumnihofhthehuniversity?hDidhtheyhscorehhighhonhcertainhpartshofhthe
hACT?hWerehthosehofferedhahscholarshiphmorehlikelyhtohattend,hetc.?hWashsocialhmediaheffectivehi
nhattractinghnew,hpotentiallyhstrongerhstudents?hByhanalyzinghthishtypehofhdata,hpreviouslyhunkn
ownhpatternshwillhemergehthathwillhmakehrecruitinghstudentshmoreheffective.
3. Thereharehmanyhpotentialhanswers.hForhexample,hMonsantohmayhusehmathematicalhandhstatisti
calhmodelshtohplothouththehbesthtimeshtohplanthbothhmalehandhfemalehplantshandhwherehtohplanth
themhtohmaximizehyield.h(https://www.cio.com/article/3221621/analytics/6-data-hanalytics-
success-stories-an-inside-look.html#tk.cio_rs)
4. Thereharehmanyhpotentialhanswers.hDatahanalyticshgiveshbothhinternalhandhexternalhauditorshadd
itionalhtoolshtohexamineheveryhaccountinghtransactionhandhassesshforhcompliancehwithhGAAP.hTh
ehaudithprocesshishchanginghfromhahtraditionalhprocesshtowardhahmorehautomatedhone,hwhichhwi
llhallowhaudithprofessionalshtohfocushmorehonhthehlogichandhrationalehbehindhdatahquerieshandhle
sshonhthehgatheringhofhthehactualhdata.hNohlongerhwillhtheyhbehsimplyhcheckinghforherrors,hmateri
alhmisstatements,hfraud,handhriskhinhfinancialhstatementshorhmerelyhbehreportinghtheirhfindingsha
ththehendhofhthehengagement.hInstead,haudithprofessionalshwillhnowhbehcollectinghandhanalyzingh
thehcompany’shdatahsimilarhtohthehwayhahbusinesshanalysthwouldhhelphmanagementhmakehbette
rhbusinesshdecisions.h Inhthishway,hdatahanalyticshoffershvaluehtohthehaudithfunction.
5. Thereharehmanyhpotentialhanswers.hForhexample,hdatahanalyticshassociatedhwithhfinancialhrepo
rtinghmayhhelphaccountantshdeterminehifhanyhofhtheirhinventoryhobsolete?hIthmayhalsohhelphtheh
companyhbenchmarkhonhthehfinancialhstatementshandhfinancialhreportinghofhotherhsimilarhcom
panieshandhunderstandhtheirhaccountinghpracticeshtohhelphinferhtheirhown.
©hMcGrawhHillhLLC.hAllhrightshreserved.hNohreproductionhorhdistributionhwithouththehpriorhwrittenhconsen
thof
McGrawhHillhLLC.
mynursytest.store
