Test Bank for Data Analytics for Accounting 3rd Edition
by Rochardson and Teeter
,ACCESSu i Testu i Banku i foru i Datau i Analyticsu i foru i Accountingu i 3rd
Edition
RichardsoRichardson,uiTeeter,uiTerrellui–uiData
AnalyticsuiforuiAccounting,ui3ne
u
i
SolutionsuiManualui–uiChapterui1
SolutionsuitouiMultipleuiChoiceuiQuestions
1. (LOui1-1)uiBiguiDatauiisuioftenuidescribeduibyuitheuifouruiVs,uior
a. volume,uivelocity,uiveracity,uianduivariability.
b. volume,uivelocity,uiveracity,uianduivariety.
c. volume,uivolatility,uiveracity,uianduivariability.
d. variability,uivelocity,uiveracity,uianduivariety.
Answer:uib
2. LOui1-
4)uiWhichuidatauiapproachuiattemptsuitouiassignuieachuiunituiinuiauipopulationuiintouiauismalluise
tuiofuiclassesui(oruigroups)uiwhereuitheuiunituibestuifits?
a. Regression
b. Similarityuimatching
c. Co-occurrenceuigrouping
d. Classification
Answer:uid
3. (LOui1-
4)uiWhichuidatauiapproachuiattemptsuitouiidentifyuisimilaruiindividualsuibaseduionuidatauiknow
nuiaboutuithem?
a. Classification
b. Regression
c. Similarityuimatching
d. Datauireduction
Answer:uic
4. (LOui1-4)uiWhichuidatauiapproachuiattemptsuitouipredictuiconnectionsuibetweenuitwouidatauiitems?uia.
Profiling
b. Classification
c. Linkuiprediction
d. Regression
Answer:uic
,ACCESSu i Testu i Banku i foru i Datau i Analyticsu i foru i Accountingu i 3rd
Edition
RichardsoRichardson,uiTeeter,uiTerrellui–uiData
AnalyticsuiforuiAccounting,ui3ne
u
i
5. (LOui1-
6)uiWhichuiofuitheseuitermsuiisuidefineduiasuibeinguiauicentraluirepositoryuiofuidescriptionsuiforuiall
uiofuitheuidatauiattributesuiofuitheuidataset?
a. BiguiData
b. Datauiwarehouse
c. Datauidictionary
d. DatauiAnalytics
Answer:uic
6. (LOui1-5)uiWhichuiskillsuiwereuinotuiemphasizeduithatuianalytic-mindeduiaccountantsuishoulduihave?
a. Developeduianuianalyticsuimindset
b. Datauiscrubbinguianduidatauipreparation
c. Classificationuiofuitestuiapproaches
d. Statisticaluidatauianalysisuicompetency
Answer:uic
7. (LOui1-5)uiInuiwhichuiareasuiwereuiskillsuinotuiemphasizeduiforuianalytic-
mindeduiaccountants?uia.uiDatauiquality
b. Descriptiveuidatauianalysis
c. Datauivisualizationuianduidatauireporting
d. Datauianduisystemsuianalysisuianduidesign
Answer:uid
8. (LOui1-4)uiTheuiIMPACTuicycleuiincludesuialluiexceptuitheuifollowinguisteps:
a. performuitestuiplan.
b. visualizeuitheuidata.
c. masteruitheuidata.
d. trackuioutcomes.
Answer:uib
9. (LOui1-4)uiTheuiIMPACTuicycleuispecificallyuiincludesuialluiexceptuitheuifollowinguisteps:
a. datauipreparation.
b. communicateuiinsights.
c. addressuianduirefineuiresults.
d. performuitestuiplan.
, ACCESSu i Testu i Banku i foru i Datau i Analyticsu i foru i Accountingu i 3rd
Edition
RichardsoRichardson,uiTeeter,uiTerrellui–uiData
AnalyticsuiforuiAccounting,ui3ne
u
i
Answer:uia
10. LOui1-
1)uiByuitheuiyearui2024,uitheuivolumeuiofuidatauicreated,uicaptured,uicopied,uianduiconsumeduiw
orldwideuiwilluibeui149ui .
a. zettabytes
b. petabytes
c. exabytes
d. yottabytes
Answer:uia
SolutionsuitouiDiscussionuianduiAnalysisuiQuestions
1. Theuiaccountinguifunctionuiisuioneuiofuibeinguianuiinformationuiprovider.u i Touitheuiextentuithatui
datauiisuiavailableuitouiaddressuiaccountinguiquestions,uibeuitheyuitax,uimanagerial,uiaudituioruifin
ancialuiquestions.uiWithuisuchuirichuiavailableuidata,uianduisoftwareuitoolsuitouiprepareuianduianal
yzeuitheuidata,uidatauianalyticsuiwilluicontinueuitouibeuianuiimportantuitooluiforuiaccountantsuitoui
use.
2. Datauianalyticsuiisuidefineduiasuitheuiprocessuiofuievaluatinguidatauiwithuitheuipurposeuiofuidra
winguiconclusionsuitouiaddressuibusinessuiquestions.uiIndeed,uieffectiveuiDatauiAnalyticsuiprovi
desuiauiwayuitouisearchuithroughuilargeuistructureduianduiunstructureduidatauitouiidentifyuiunk
nownuipatternsuioruirelationships.
Auiuniversityuimightuilearnuifromuitheuianalyzinguitheuidemographicsuiofuiitsuicurrentuisetuiofuist
udentsuiinuiorderuitouiattractuiitsuifutureuistudentuirecruits.uiDiduitheyuicomeuifromuicitiesuioruihi
ghuischoolsuithatuiwereuicloseuiby?uiWereuitheiruiparentsuialumniuiofuitheuiuniversity?uiDiduithe
yuiscoreuihighuionuicertainuipartsuiofuitheuiACT?uiWereuithoseuioffereduiauischolarshipuimoreuilik
elyuitouiattend,uietc.?uiWasuisocialuimediauieffectiveuiinuiattractinguinew,uipotentiallyuistrongeru
istudents?uiByuianalyzinguithisuitypeuiofuidata,uipreviouslyuiunknownuipatternsuiwilluiemergeuith
atuiwilluimakeuirecruitinguistudentsuimoreuieffective.
3. Thereuiareuimanyuipotentialuianswers.u i Foruiexample,uiMonsantouimayuiuseuimathematicaluian
duistatisticaluimodelsuitouiplotuioutuitheuibestuitimesuitouiplantuibothuimaleuianduifemaleuiplantsu
ianduiwhereuitouiplantuithemuitouimaximizeuiyield.ui(https://www.cio.com/article/3221621/analy
tics/6-dataanalytics-uisuccess-stories-an-inside-look.html#tk.cio_rs)
4. Thereuiareuimanyuipotentialuianswers.uiDatauianalyticsuigivesuibothuiinternaluianduiexternaluiau
ditorsuiadditionaluitoolsuitouiexamineuieveryuiaccountinguitransactionuianduiassessuiforuicomplia
nceuiwithuiGAAP.uiTheuiaudituiprocessuiisuichanginguifromuiauitraditionaluiprocessuitowarduiauim
oreuiautomateduione,uiwhichuiwilluiallowuiaudituiprofessionalsuitouifocusuimoreuionuitheuilogicui
anduirationaleuibehinduidatauiqueriesuianduilessuionuitheuigatheringuiofuitheuiactualuidata.uiNouil
ongeruiwilluitheyuibeuisimplyuicheckinguiforuierrors,uimaterialuimisstatements,uifraud,uianduirisku
iinuifinancialuistatementsuioruimerelyuibeuireportinguitheiruifindingsuiatuitheuienduiofuitheuiengag
ement.uiInstead,uiaudituiprofessionalsuiwilluinowuibeuicollectinguianduianalyzinguitheuicompany’
suidatauisimilaruitouitheuiwayuiauibusinessuianalystuiwoulduihelpuimanagementuimakeuibetteruib
usinessuidecisions.u i Inuithisuiway,uidatauianalyticsuioffersuivalueuitouitheuiaudituifunction.
by Rochardson and Teeter
,ACCESSu i Testu i Banku i foru i Datau i Analyticsu i foru i Accountingu i 3rd
Edition
RichardsoRichardson,uiTeeter,uiTerrellui–uiData
AnalyticsuiforuiAccounting,ui3ne
u
i
SolutionsuiManualui–uiChapterui1
SolutionsuitouiMultipleuiChoiceuiQuestions
1. (LOui1-1)uiBiguiDatauiisuioftenuidescribeduibyuitheuifouruiVs,uior
a. volume,uivelocity,uiveracity,uianduivariability.
b. volume,uivelocity,uiveracity,uianduivariety.
c. volume,uivolatility,uiveracity,uianduivariability.
d. variability,uivelocity,uiveracity,uianduivariety.
Answer:uib
2. LOui1-
4)uiWhichuidatauiapproachuiattemptsuitouiassignuieachuiunituiinuiauipopulationuiintouiauismalluise
tuiofuiclassesui(oruigroups)uiwhereuitheuiunituibestuifits?
a. Regression
b. Similarityuimatching
c. Co-occurrenceuigrouping
d. Classification
Answer:uid
3. (LOui1-
4)uiWhichuidatauiapproachuiattemptsuitouiidentifyuisimilaruiindividualsuibaseduionuidatauiknow
nuiaboutuithem?
a. Classification
b. Regression
c. Similarityuimatching
d. Datauireduction
Answer:uic
4. (LOui1-4)uiWhichuidatauiapproachuiattemptsuitouipredictuiconnectionsuibetweenuitwouidatauiitems?uia.
Profiling
b. Classification
c. Linkuiprediction
d. Regression
Answer:uic
,ACCESSu i Testu i Banku i foru i Datau i Analyticsu i foru i Accountingu i 3rd
Edition
RichardsoRichardson,uiTeeter,uiTerrellui–uiData
AnalyticsuiforuiAccounting,ui3ne
u
i
5. (LOui1-
6)uiWhichuiofuitheseuitermsuiisuidefineduiasuibeinguiauicentraluirepositoryuiofuidescriptionsuiforuiall
uiofuitheuidatauiattributesuiofuitheuidataset?
a. BiguiData
b. Datauiwarehouse
c. Datauidictionary
d. DatauiAnalytics
Answer:uic
6. (LOui1-5)uiWhichuiskillsuiwereuinotuiemphasizeduithatuianalytic-mindeduiaccountantsuishoulduihave?
a. Developeduianuianalyticsuimindset
b. Datauiscrubbinguianduidatauipreparation
c. Classificationuiofuitestuiapproaches
d. Statisticaluidatauianalysisuicompetency
Answer:uic
7. (LOui1-5)uiInuiwhichuiareasuiwereuiskillsuinotuiemphasizeduiforuianalytic-
mindeduiaccountants?uia.uiDatauiquality
b. Descriptiveuidatauianalysis
c. Datauivisualizationuianduidatauireporting
d. Datauianduisystemsuianalysisuianduidesign
Answer:uid
8. (LOui1-4)uiTheuiIMPACTuicycleuiincludesuialluiexceptuitheuifollowinguisteps:
a. performuitestuiplan.
b. visualizeuitheuidata.
c. masteruitheuidata.
d. trackuioutcomes.
Answer:uib
9. (LOui1-4)uiTheuiIMPACTuicycleuispecificallyuiincludesuialluiexceptuitheuifollowinguisteps:
a. datauipreparation.
b. communicateuiinsights.
c. addressuianduirefineuiresults.
d. performuitestuiplan.
, ACCESSu i Testu i Banku i foru i Datau i Analyticsu i foru i Accountingu i 3rd
Edition
RichardsoRichardson,uiTeeter,uiTerrellui–uiData
AnalyticsuiforuiAccounting,ui3ne
u
i
Answer:uia
10. LOui1-
1)uiByuitheuiyearui2024,uitheuivolumeuiofuidatauicreated,uicaptured,uicopied,uianduiconsumeduiw
orldwideuiwilluibeui149ui .
a. zettabytes
b. petabytes
c. exabytes
d. yottabytes
Answer:uia
SolutionsuitouiDiscussionuianduiAnalysisuiQuestions
1. Theuiaccountinguifunctionuiisuioneuiofuibeinguianuiinformationuiprovider.u i Touitheuiextentuithatui
datauiisuiavailableuitouiaddressuiaccountinguiquestions,uibeuitheyuitax,uimanagerial,uiaudituioruifin
ancialuiquestions.uiWithuisuchuirichuiavailableuidata,uianduisoftwareuitoolsuitouiprepareuianduianal
yzeuitheuidata,uidatauianalyticsuiwilluicontinueuitouibeuianuiimportantuitooluiforuiaccountantsuitoui
use.
2. Datauianalyticsuiisuidefineduiasuitheuiprocessuiofuievaluatinguidatauiwithuitheuipurposeuiofuidra
winguiconclusionsuitouiaddressuibusinessuiquestions.uiIndeed,uieffectiveuiDatauiAnalyticsuiprovi
desuiauiwayuitouisearchuithroughuilargeuistructureduianduiunstructureduidatauitouiidentifyuiunk
nownuipatternsuioruirelationships.
Auiuniversityuimightuilearnuifromuitheuianalyzinguitheuidemographicsuiofuiitsuicurrentuisetuiofuist
udentsuiinuiorderuitouiattractuiitsuifutureuistudentuirecruits.uiDiduitheyuicomeuifromuicitiesuioruihi
ghuischoolsuithatuiwereuicloseuiby?uiWereuitheiruiparentsuialumniuiofuitheuiuniversity?uiDiduithe
yuiscoreuihighuionuicertainuipartsuiofuitheuiACT?uiWereuithoseuioffereduiauischolarshipuimoreuilik
elyuitouiattend,uietc.?uiWasuisocialuimediauieffectiveuiinuiattractinguinew,uipotentiallyuistrongeru
istudents?uiByuianalyzinguithisuitypeuiofuidata,uipreviouslyuiunknownuipatternsuiwilluiemergeuith
atuiwilluimakeuirecruitinguistudentsuimoreuieffective.
3. Thereuiareuimanyuipotentialuianswers.u i Foruiexample,uiMonsantouimayuiuseuimathematicaluian
duistatisticaluimodelsuitouiplotuioutuitheuibestuitimesuitouiplantuibothuimaleuianduifemaleuiplantsu
ianduiwhereuitouiplantuithemuitouimaximizeuiyield.ui(https://www.cio.com/article/3221621/analy
tics/6-dataanalytics-uisuccess-stories-an-inside-look.html#tk.cio_rs)
4. Thereuiareuimanyuipotentialuianswers.uiDatauianalyticsuigivesuibothuiinternaluianduiexternaluiau
ditorsuiadditionaluitoolsuitouiexamineuieveryuiaccountinguitransactionuianduiassessuiforuicomplia
nceuiwithuiGAAP.uiTheuiaudituiprocessuiisuichanginguifromuiauitraditionaluiprocessuitowarduiauim
oreuiautomateduione,uiwhichuiwilluiallowuiaudituiprofessionalsuitouifocusuimoreuionuitheuilogicui
anduirationaleuibehinduidatauiqueriesuianduilessuionuitheuigatheringuiofuitheuiactualuidata.uiNouil
ongeruiwilluitheyuibeuisimplyuicheckinguiforuierrors,uimaterialuimisstatements,uifraud,uianduirisku
iinuifinancialuistatementsuioruimerelyuibeuireportinguitheiruifindingsuiatuitheuienduiofuitheuiengag
ement.uiInstead,uiaudituiprofessionalsuiwilluinowuibeuicollectinguianduianalyzinguitheuicompany’
suidatauisimilaruitouitheuiwayuiauibusinessuianalystuiwoulduihelpuimanagementuimakeuibetteruib
usinessuidecisions.u i Inuithisuiway,uidatauianalyticsuioffersuivalueuitouitheuiaudituifunction.
