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Data Analytics for Accounting
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Test Bank for Introduction to Data Analytics for Accounting, 2nd Edition by Vernon Richardson|ultimate guide 100% verified.
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TEST BANK and SOLUTION MANUAL for Data Analyticsfor Accounting, 3rd Edition by Vernon Richardson
Tax-focused KPIs appear on dashboards or cockpits, consistent with which
components of the IMPACT model? - ANSWER: Communicate Insights
Chapter 5 discusses the essential properties of working papers. With respect to data
analytics, working papers should contain the following items: - ANSWER: 1. work
programs used to document the audit procedures to collect, manipulate, model, and
evaluate data
2. IT-related documentation, including flowchart and process maps that provide
system understanding
3. database maps and data dictionaries that define the location and types of data
auditors will analyze
_______ constantly evaluates internal controls and transactions and _______
provides the status of the system so that an auditor can know at any given time
whether the system is operating within the parameters. - ANSWER: Continuous
monitoring; continuous reporting
Which of the following describes an example of a flat file: - ANSWER: provides a
single table of data with user-defined attributes that is stored separate from any
application
_______ analysis is used to evaluate the fixed and variable components of mixed
costs. - ANSWER: Regression
Examples of descriptive analytics - ANSWER: 1. Sampling
2. Age analysis
3. Sorting
Which type of tax analytics uses ancillary data, including growth rates, trends, and
other identified patterns, aids to the usefulness of these analyses? - ANSWER:
Predictive analytics
_______ analytics would be used to assess the difference between budgeted and
actual performance. - ANSWER: Diagnostic
XBRL uses a ________ to help describe each key data element. - ANSWER: taxonomy
Which type of audit analytics might be used to summarize activity or master data
based on certain attributes? - ANSWER: Descriptive analytics
Which Accounting Data Standard focuses on sales orders, accounts receivable,
shipments, invoices, cash receipts and adjustments to accounts? - ANSWER: Order to
Cash Subledger
, Return on equity is an example of which type of ratio? - ANSWER: profitability ratio
Continuous auditing relies heavily on alarms, which are essentially notifications of a
classification problem. A _______ occurs when a normal transaction is classified as
problematic. - ANSWER: False positive
Digital dashboards would be an example of which component of the IMPACT model?
- ANSWER: Track Outcomes
Standardized metrics are useful to help XBRL data more comparable because: -
ANSWER: companies use similar XBRL tags for similar accounts.
A _______ is a repository of data accumulated from internal and external data
sources, including financial data, to help management decision making. - ANSWER:
data warehouse
Which type of tax analytics uses historical data to identify future tax liabilities? -
ANSWER: Predictive analytics
Detecting gaps in records and duplicate entries is referred to as _______ and is an
example of _______ analytics. - ANSWER: sequence check; diagnostic
In a balanced scorecard, _______ should be achievable goals toward which to move
the metric. - ANSWER: targets
The DuPont method evaluates which ratios as part of its analysis? - ANSWER: 1.
Profitability
2. Leverage
3. Efficiency
A _______ is a calculation measuring how an organization is performing, particularly
when that measure is compared to a baseline. - ANSWER: performance metric
Which type of tax analytics summarizing transactions by jurisdiction or category to
more accurately calculate tax liability? - ANSWER: Descriptive analytics
The Securities and Exchange Commission requires all public company filers to use
XBRL tagging in all of the following financial statements - ANSWER: 1. Balance Sheet
2. Statement of Cash Flows
3. Statement of Comprehensive Income
Which type of tax analytics provide insight creating a trend analysis for sales and use
tax paid in different locations would help identify seasonal patterns or abnormal
transaction volume that warrant further investigation? - ANSWER: Diagnostic
analytics
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