TEST BANK For Data Analytics for Accounting, 3rd Edition by Vernon Richardson, Verified Chapters 1 - 9|| Elaborated Answers|| Latest Version

Test Bank

Data Analytics For Accounting,
By Vernon Richardson,


3rd Edition

,Table Of Contents
Chapter 1: Data Analytics For Accounting And Identifying The Questions

Chapter 2: Mastering The Data

Chapter 3: Performing The Test Plan And Analyzing The Results

Chapter 4: Communicating Results And Visualizations

Chapter 5: The Modern Accounting Environment

Chapter 6: Audit Data Analytics

Chapter 7: Managerial Analytics

Chapter 8: Financial Statement Analytics

Chapter 9: Tax Analytics

,Data Analytics For Accounting, 3e (Richardson)
Chapter 1 Data Analytics In Accounting And
Business

1) Data Analytics Is The Process Of Evaluating Data With The Purpose Of Drawing
Conclusions To Address Business Questions.

ANSWER: True
Difficulty: 1 Easy
Topic: Define Data Analytics
Learning Objective: 01-01 Define Data Analytics.
Bloom's: Remember
Aacsb: Reflective Thinking
Aicpa: Bb Industry; Fn Decision Making

2) The Process Of Data Analytics Aims To Transform Raw Information Into Data To Create
Value.

ANSWER: False
Difficulty: 1 Easy
Topic: Define Data Analytics
Learning Objective: 01-01 Define Data Analytics.
Bloom's: Remember
Aacsb: Reflective Thinking
Aicpa: Bb Industry; Fn Decision Making

3) Data Analytics Has The Potential To Transform The Manner In Which Companies
Run Their Businesses; However, It Is Not Practical In The Near Future.

ANSWER: False
Difficulty: 1 Easy
Topic: How Data Analytics Affects Business
Learning Objective: 01-02 Understand Why Data Analytics Matters To Business.
Bloom's: Remember
Aacsb: Reflective Thinking
Aicpa: Bb Industry; Fn Decision Making

4) Auditors Can Use Social Media To Hear What Customers Are Saying About A
Company And Compare This To Inventory Obsolescence And Other Estimates.

ANSWER: True
Difficulty: 2 Medium
Topic: Financial Reporting
Learning Objective: 01-03 Explain Why Data Analytics Matters To Accountants.
Bloom's: Understand
Aacsb: Reflective Thinking
Aicpa: Bb Industry; Fn Decision Making

, 5) Data Analytics Allows Auditors To Glean Insights That Are Beneficial To The Client,
Without Breaching Independence.

ANSWER: True
Difficulty: 2 Medium
Topic: Auditing
Learning Objective: 01-03 Explain Why Data Analytics Matters To Accountants.
Bloom's: Remember
Aacsb: Reflective Thinking
Aicpa: Bb Industry; Fn Decision Making

6) The Predictive Analytics Is An Important Aspect Of Data Analytics For Auditors, But
Is Not Applicable For Tax Accountants.

ANSWER: False
Difficulty: 1 Easy
Topic: Tax
Learning Objective: 01-03 Explain Why Data Analytics Matters To
Accountants. Bloom's: Understand
Aacsb: Reflective Thinking
Aicpa: Bb Industry; Fn Decision Making

7) The I In Impact Cycle Represents Identify The Question.

ANSWER: True
Difficulty: 2 Medium
Topic: The Data Analytics Process Using The Impact Cycle
Learning Objective: 01-04 Describe The Data Analytics Process Using The Impact Cycle.
Bloom's: Remember
Aacsb: Reflective Thinking
Aicpa: Bb Industry; Fn Decision Making

8) The M In Impact Cycle Represents Master The Data.

ANSWER: True
Difficulty: 2 Medium
Topic: The Data Analytics Process Using The Impact Cycle
Learning Objective: 01-04 Describe The Data Analytics Process Using The Impact Cycle.
Bloom's: Remember
Aacsb: Reflective Thinking
Aicpa: Bb Industry; Fn Decision Making