Test Bank for Introduction to Data Analytics for Accounting, 2nd Edition by Vernon Richardson.pdf

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Data Analytics for Accounting 2nd Edition by Richardson
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CH01
ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
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TRUE/FALSEw-wWritew'T'wifwthewstatementwiswtruewandw'F'wifwthewstatementwiswfalse.
1) Datawanalyticswiswthewprocesswofwevaluatingwdatawwithwthewpurposewofwdrawingwconclusio
nswtowaddresswbusinesswquestions.
⊚ true
⊚ false


2) Thewprocesswofwdatawanalyticswaimswtowtransformwrawwinformationwintowdatawtowcreatewvalue.
⊚ true
⊚ false


3) Datawanalyticswhaswthewpotentialwtowtransformwthewmannerwinwwhichwcompanieswrunwthe
irwbusinesses,whoweverwitwiswnotwpracticalwinwthewnearwfuture.
⊚ true
⊚ false


4) Auditorswcanwusewsocialwmediawtowhearwwhatwcustomerswarewsayingwaboutwawcompanywa
ndwcomparewthiswtowinventorywobsolescencewandwotherwestimates.
⊚ true
⊚ false


5) Datawanalyticswallowswauditorswtowgleanwinsightswthatwarewbeneficialwtowthewclient,wwitho
utwbreechingwindependence.
⊚ true
⊚ false


6) Thewpredictivewanalyticswiswanwimportantwaspectwofwdatawanalyticswforwauditors,wbutwiswn
otwapplicablewforwtaxwaccountants.
⊚ true
⊚ false


7) ThewI inwIMPACTwCyclewrepresentswIdentifywthewQuestion.
2i




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Data Analytics for Accounting 2nd Edition by Richardson
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CH01
⊚ true
⊚ false


8) ThewMwinwIMPACTwCyclewrepresentswMasterwthewData.
⊚ true
⊚ false


9) ThewPwinwIMPACTwCyclewrepresentswPredictwthewResults.
⊚ true
⊚ false


10) ThewAwinwIMPACTwCyclewrepresentswAnalyzewthewData.
⊚ true
⊚ false


11) ThewCwinwIMPACTwCyclewrepresentswContinuouslywTrack.
⊚ true
⊚ false


12) ThewTwinwIMPACTwCyclewrepresentswTrackwOutcomes.
⊚ true
⊚ false


13) ThewIMPACTwcyclewiswiterative,waswinsightswarewgained,woutcomeswarewtracked,wandwne
wwquestionswarewidentified.
⊚ true
⊚ false


14) Datawanalyticswprofessionalswestimatewthatwtheywspend betweenw25wpercentwandw70wperce
2i



ntwofwtheirwtimewcleaningwdatawsowitwcanwbewanalyzed.
⊚ true
⊚ false



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CH01

15) Datawanalysiswthroughwdatawmanipulationwiswperformingwbasicwanalysiswtowunderstandwth
ewqualitywofwthewunderlyingwdatawandwitswabilitywtowaddresswthewbusinesswquestion.
⊚ true
⊚ false


16) Towbewproficientwin datawanalysis,waccountantswneedwtowbecomewdatawscientists.
2i



⊚ true
⊚ false


17) Bywdevelopingwanwanalyticswmindset,waccountantswwillwbewablewtowrecognizewwhenwandwho
wwdatawanalyticswcanwaddresswbusinesswquestions.
⊚ true
⊚ false


18) Whilewitwiswimportantwforwaccountantswtowclearlywarticulatewthewbusinesswproblem,wdrawin
gwappropriatewconclusions,wbasedwonwthewdata,wshouldwbewleftwtowstatisticians.
⊚ true
⊚ false


19) Analytic-
mindedwaccountantswshouldwreportwresultswofwanalysiswinwanwaccessiblewwaywtoweachwvariedwde
ciwsionwmakerwandwtheirwspecificwneeds.
⊚ true
⊚ false


MULTIPLEwCHOICEw-
Choosewthewonewalternativewthatwbestwcompleteswthewstatementworwanswerswthewquestion.
20) Withwawgoalwtowgiveworganizationswthewinformationwtheywneedwtowmakewsoundwandwtime
lywbusinesswdecisions,wdatawanalyticswoftenwinvolveswallwofwthewfollowingwexcept:




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