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




1|Page

, Chapter 01

TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.

1) Data analytics is the process of evaluating data with the purpose of drawing conclusions to address
business questions.

⊚ true

⊚ false



2) The process of data analytics aims to transform raw information into data to create value.

⊚ true

⊚ false



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.

⊚ true

⊚ false



4) Auditors can use social media to hear what customers are saying about a company and compare this to
inventory obsolescence and other estimates.

⊚ true

⊚ false



5) Data analytics allows auditors to glean insights that are beneficial to the client, without breeching
independence.

⊚ true

⊚ false




2|Page

,6) The predictive analytics is an important aspect of data analytics for auditors, but is not applicable for
tax accountants.

⊚ true

⊚ false



7) The I in IMPACT Cycle represents Identify the Question.

⊚ true

⊚ false



8) The M in IMPACT Cycle represents Master the Data.

⊚ true

⊚ false



9) The P in IMPACT Cycle represents Predict the Results.

⊚ true

⊚ false



10) The A in IMPACT Cycle represents Analyze the Data.

⊚ true

⊚ false



11) The C in IMPACT Cycle represents Continuously Track.

⊚ true

⊚ false



12) The T in IMPACT Cycle represents Track Outcomes.

⊚ true

3y5|y5Py5ay
5 gy5 e

, ⊚ false



13) They5IMPACTy5cycley5isy5iterative,y5asy5insightsy5arey5gained,y5outcomesy5arey5tracked,y5andy5ne
wy5questionsy5arey5identified.

⊚ true

⊚ false



14) Datay5analysisy5throughy5datay5manipulationy5isy5performingy5basicy5analysisy5toy5understandy5they
5qualityy5ofy5they5underlyingy5datay5andy5itsy5abilityy5toy5addressy5they5businessy5question.


⊚ true

⊚ false



15) Toy5bey5proficienty5iny5datay5analysis,y5accountantsy5needy5toy5becomey5datay5scientists.

⊚ true

⊚ false



16) Byy5developingy5any5analyticsy5mindset,y5accountantsy5willy5bey5abley5toy5recognizey5wheny
5andy5howy5datay5analyticsy5cany5addressy5businessy5questions.


⊚ true

⊚ false



17) Whiley5ity5isy5importanty5fory5accountantsy5toy5clearlyy5articulatey5they5businessy5problem,y5drawi
ngy5appropriatey5conclusions,y5basedy5ony5they5data,y5shouldy5bey5lefty5toy5statisticians.

⊚ true

⊚ false




4y5|y5Py5ay
5 gy5 e