Test Bank for Introduction to Data Analytics for Accounting, 2nd Edition by Richardson (1).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/FALSE k-kWritek'T'kif kthekstatementkisktruekandk'F'kif kthekstatementkiskfalse.
1) Datak analyticsk isk thekprocessk ofkevaluatingkdatakwithkthekpurposekofkdrawingk conclusionsk t
ok addressk businessk questions.
⊚ true
⊚ false



2) Thekprocessk of k datak analyticsk aimsk tok transformk raw k informationk intok datak tok createk value.
⊚ true
⊚ false



3) Datakanalyticskhaskthekpotentialktoktransformk thekmannerkinkwhichk companiesk runktheirkb
usinesses,k howeverk it k isk not k practicalk ink thek neark future.
⊚ true
⊚ false



4) Auditorsk cank useksocialk mediaktokhearkwhatkcustomersk areksayingkabout kakcompanykand kc
omparek thisk tok inventoryk obsolescencek and k otherk estimates.
⊚ true
⊚ false



5) Datakanalyticsk allowskauditorsktokgleankinsightsk that karekbeneficialktokthekclient,kwithoutkb
reechingk independence.
⊚ true
⊚ false



6) Thekpredictivek analyticsk isk ank important k aspect kofkdatakanalyticsk forkauditors,k butkisknot ka
pplicablek fork taxk accountants.
⊚ true
⊚ false



7) ThekI ink IMPACTk Cyclek representsk Identifykthek Question.
2i




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


8) ThekMk ink IMPACTk Cyclek representsk Masterk thek Data.
⊚ true
⊚ false



9) Thek Pk ink IMPACTk Cyclek representsk Predict k thek Results.
⊚ true
⊚ false



10) Thek A k ink IMPACTk Cyclek representsk Analyzek thek Data.
⊚ true
⊚ false



11) ThekCk ink IMPACTk Cyclek representsk Continuouslyk Track.
⊚ true
⊚ false



12) ThekTk ink IMPACTk Cyclek representsk Trackk Outcomes.
⊚ true
⊚ false



13) ThekIMPACTkcyclekiskiterative,k askinsightskarekgained,koutcomeskarektracked,kand knewkq
uestionsk arek identified.
⊚ true
⊚ false



14) Datakanalyticskprofessionalskestimatekthat ktheykspend betweenk25kpercent kand k70kpercent k
2i



of k theirk timek cleaningk datak sok it k cank bek analyzed.
⊚ true
⊚ false



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Data Analytics for Accounting 2nd Edition by Richardson
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CH01

15) Datakanalysiskthroughk datakmanipulationkiskperformingkbasickanalysisktokunderstand kthek
qualityk of k thek underlyingk datak and k itsk abilityk tok addressk thek businessk question.
⊚ true
⊚ false



16) Tok bek proficient k in datak analysis,k accountantsk need k tok becomek datak scientists.
2i



⊚ true
⊚ false



17) Bykdevelopingkankanalyticskmindset,kaccountantsk willkbekablektokrecognizek whenkandkhowkd
atak analyticsk cank addressk businessk questions.
⊚ true
⊚ false



18) Whilekit kiskimportant kforkaccountantsktokclearlykarticulatekthekbusinesskproblem,kdrawingk a
ppropriatek conclusions,k based k onk thek data,k should k bek left k tok statisticians.
⊚ true
⊚ false



19) Analytic-
minded kaccountantskshould kreport kresultsk ofkanalysiskinkankaccessiblekwayktok eachk varied k decik si
onk makerk and k theirk specifick needs.
⊚ true
⊚ false



MULTIPLEkCHOICEk-
Choosekthekonekalternativekthatkbestkcompleteskthekstatementkorkanswerskthekquestion.
20) Withk akgoalk tok givekorganizationsk thekinformationk theykneedktokmakeksound kandktimelyk b
usinessk decisions,k datak analyticsk oftenk involvesk allk of k thek followingk except:




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