TEST BANK for Data Analytics for Accounting 3rd Edition by Vernon Richardson, Ryan A. Teeter & Katie L. Terrell ALL CHAPTERS 1-9| A+ PASS ALL ANSWERS AT THE BACK OF EACH CHAPTER

TEST BANK for Data Analytics for
Accounting 3rd Edition by Vernon
Richardson, Ryan A. Teeter & Katie
L. Terrell
ALL CHAPTERS 1-9| A+ PASS
ALL ANSWERS AT THE BACK OF EACH CHAPTER




110|10P10a1
0 g10 e

, Chapter1001

TRUE/FALSE10-10Write10'T'10if10the10statement10is10true10and10'F'10if10the10statement10is10false.

1) Data10analytics10is10the10process10of10evaluating10data10with10the10purpose10of10drawing10conclus
ions10to10address10business10questions.

⊚ true

⊚ false



2) The10process10of10data10analytics10aims10to10transform10raw10information10into10data10to10create10value.

⊚ true

⊚ false



3) Data10analytics10has10the10potential10to10transform10the10manner10in10which10companies10run10t
heir10businesses,10however10it10is10not10practical10in10the10near10future.

⊚ true

⊚ false



4) Auditors10can10use10social10media10to10hear10what10customers10are10saying10about10a10company10and
10compare10this10to10inventory10obsolescence10and10other10estimates.


⊚ true

⊚ false



5) Data10analytics10allows10auditors10to10glean10insights10that10are10beneficial10to10the10client,10wit
hout10breeching10independence.

⊚ true

⊚ false




210|10P10a1
0 g10 e

,6) The10predictive10analytics10is10an10important10aspect10of10data10analytics10for10auditors,10but10is10n
ot10applicable10for10tax10accountants.

⊚ true

⊚ false



7) The10I10in10IMPACT10Cycle10represents10Identify10the10Question.

⊚ true

⊚ false



8) The10M10in10IMPACT10Cycle10represents10Master10the10Data.

⊚ true

⊚ false



9) The10P10in10IMPACT10Cycle10represents10Predict10the10Results.

⊚ true

⊚ false



10) The10A10in10IMPACT10Cycle10represents10Analyze10the10Data.

⊚ true

⊚ false



11) The10C10in10IMPACT10Cycle10represents10Continuously10Track.

⊚ true

⊚ false



12) The10T10in10IMPACT10Cycle10represents10Track10Outcomes.

⊚ true

310|10P10a1
0 g10 e

, ⊚ false



13) The10IMPACT10cycle10is10iterative,10as10insights10are10gained,10outcomes10are10tracked,10and10ne
w10questions10are10identified.

⊚ true

⊚ false



14) Data10analysis10through10data10manipulation10is10performing10basic10analysis10to10understand10the1
0quality10of10the10underlying10data10and10its10ability10to10address10the10business10question.


⊚ true

⊚ false



15) To10be10proficient10in10data10analysis,10accountants10need10to10become10data10scientists.

⊚ true

⊚ false



16) By10developing10an10analytics10mindset,10accountants10will10be10able10to10recognize10when1
0and10how10data10analytics10can10address10business10questions.


⊚ true

⊚ false



17) While10it10is10important10for10accountants10to10clearly10articulate10the10business10problem,10drawi
ng10appropriate10conclusions,10based10on10the10data,10should10be10left10to10statisticians.

⊚ true

⊚ false




410|10P10a1
0 g10 e