Exam (elaborations)
Test Bank For Data Analytics for Accounting, 3rd Edition by Vernon Richardson, All Chapters.
- Institution
- Rasmussen College
Test Bank For Data Analytics for Accounting, 3rd Edition by Vernon Richardson, All Chapters.
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Test Bank Data Analytics for Accounting, 3rd Edition by VernonRichardson, Teeter
Chapter 01 3e Answers Included
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
1
,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.
2
, ⊚ 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
⊚ false
13) The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new
questions are identified.
⊚ true
⊚ false
3
, 14) Data analysis through data manipulation is performing basic analysis to understand the quality
of the underlying data and its ability to address the business question.
⊚ true
⊚ false
4
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