Data Analytics for Accounting (3rd Edition) – Test Bank with Answers – Vernon Richardson & Katie Teeter

TESTBANKFOR
DataAnalyticsforAccounting,3rdEditionbyVernonRichardson,Teeter
Chapter013e AnswersIncluded ✅

TRUE/FALSE-Write'T'if @@2thestatementistrueand'F'if @@2thestatementisfalse.
1) Dataanalyticsistheprocessofevaluatingdatawiththepurposeofdrawingconclusions @@2to
@@2address @@2business @@2questions.


⊚ true
⊚ false


2) Theprocessofdataanalyticsaimstotransformrawinformation @@2intodatatocreatevalue.
⊚ true
⊚ false


3) Dataanalyticshasthepotentialtotransformthemannerinwhichcompaniesruntheir
@@2businesses, @@2however @@2it @@2is @@2not @@2practical @@2in @@2the @@2near @@2future.


⊚ true
⊚ false


4) Auditorscanusesocialmediatohearwhatcustomersaresayingaboutacompanyand
@@2compare @@2this @@2to @@2inventory @@2obsolescence @@2and @@2other @@2estimates.


⊚ true
⊚ false


5) Dataanalyticsallowsauditorstogleaninsightsthatarebeneficialtotheclient,without
@@2breeching @@2independence.


⊚ true
⊚ false


6) Thepredictiveanalyticsisanimportantaspectofdataanalyticsforauditors,butisnot
@@2applicable @@2for @@2tax @@2accountants.


⊚ true
⊚ false


7) TheIin @@2IMPACTCycle @@2representsIdentifytheQuestion.

, ⊚ true
⊚ false


8) TheMinIMPACTCyclerepresents @@2MastertheData.
⊚ true
⊚ false


9) ThePinIMPACTCyclerepresents @@2PredicttheResults.
⊚ true
⊚ false


10) TheAin @@2IMPACTCyclerepresents @@2Analyzethe @@2Data.
⊚ true
⊚ false


11) TheCinIMPACTCyclerepresentsContinuouslyTrack.
⊚ true
⊚ false


12) TheTin @@2IMPACTCyclerepresentsTrackOutcomes.
⊚ true
⊚ false


13) TheIMPACTcycleisiterative,asinsightsaregained,outcomesaretracked,andnew
@@2questions @@2are @@2identified.


⊚ true
⊚ false


14) Dataanalysisthroughdatamanipulationisperformingbasicanalysistounderstandthe
@@2quality @@2of @@2the @@2underlying @@2data @@2and @@2its @@2ability @@2to @@2address @@2the @@2business


@@2question.


⊚ true
⊚ false

,15) Tobeproficientindataanalysis,accountantsneedtobecomedatascientists.
⊚ true
⊚ false


16) Bydevelopingananalyticsmindset,accountantswillbeabletorecognizewhenandhow @2data
@2analytics @2can @2address @2business @2questions.


⊚ true
⊚ false


17) Whileitisimportantforaccountantstoclearlyarticulatethebusinessproblem,drawing
@2appropriate @2conclusions, @2based @2on @2the @2data, @2should @2be @2left @2to @2statisticians.


⊚ true
⊚ false


18) Analytic-mindedaccountantsshouldreportresultsofanalysisinanaccessiblewayto @2each
@2varied @2decision @2maker @2and @2their @2specific @2needs.


⊚ true
⊚ false


MULTIPLECHOICE-Choosetheonealternativethatbestcompletesthestatementor @2answers
@2the @2question.


19) Withagoaltogiveorganizationstheinformationtheyneedtomakesoundandtimely
@2business @2decisions, @2data @2analytics @2often @2involves @2all @2of @2the @2followingexcept:




A) technologies.
B) statistics.
C) strategies.
D) databases.



20) Patterns @2discovered @2from blankenablebusinessestoidentifyopportunities
@2and @2risks @2and @2better @2plan @2for blank.

, A) pastarchives;thefuture
B) currentdata;the @@2future
C) currentdata;today
D) pastarchives;today



21) Whichofthefollowingbestdescribesthegoalofdescriptivedataanalysis:

A) recognizewhatismeantbydataquality,beitcompleteness,reliabilityor @@2validity
B) performbasicanalysistounderstandthequalityoftheunderlyingdataanditsability @@2to
@@2address @@2the @@2business @@2question


C) demonstrateabilitytosort,rearrange,merge,andreconfiguredatainamannerthat
@@2allows @@2enhanced @@2analysis


D) comprehendtheprocessneededtocleanandpreparethedatabeforeanalysis



22) WhichofthefollowingMicrosoftsoftwaretoolspecializes @@2in @@2datajoining?


A) Excel
B) PowerQuery
C) Power @@2BI
D) PowerAutomate



23) WhichofthefollowingMicrosoftsoftwaretools @@2specializesincreatingdashboards?


A) Excel
B) PowerQuery
C) Power @@2BI
D) PowerAutomate



24) WhichofthefollowingTableau softwaretoolsspecializesin datatransformation?