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DataAnalyticsforAccounting,1e(Richardson)
Chapter1DataAnalyticsinAccountingandBusiness
1)Dataanalyticsistheprocessofevaluatingdatawiththepurposeofdrawingconclusionstoaddressbusinessquestions.
Answer:TRUE
Difficulty:1Easy
Topic:DefineDataAnalytics
LearningObjective:01-01DefineDataAnalytics.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
2)Theprocessofdataanalyticsaimstotransformrawinformationintodatatocreatevalue.
Answer:FALSE
Difficulty:1Easy
Topic:DefineDataAnalytics
LearningObjective:01-01DefineDataAnalytics.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
3)Dataanalyticshasthepotentialtotransformthemannerinwhichcompaniesruntheirbusinesses;however,itisnotpracticalinthenearfuture.
Answer:FALSE
Difficulty:1Easy
Topic:HowDataAnalyticsAffectsBusiness
LearningObjective:01-02UnderstandwhyDataAnalyticsmatterstobusiness.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
4)Auditorscanusesocialmediatohearwhatcustomersaresayingaboutacompanyandcomparethistoinventoryobsolescenceandotherestimates.
Answer:TRUE
Difficulty:2Medium
Topic:FinancialReporting
LearningObjective:01-03ExplainwhyDataAnalyticsmatterstoaccountants.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
5)Dataanalyticsallowsauditorstogleaninsightsthatarebeneficialtotheclient,withoutbreachingindependence.
Answer:TRUE
Difficulty:2Medium
Topic:Auditing
LearningObjective:01-03ExplainwhyDataAnalyticsmatterstoaccountants.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
6)Thepredictiveanalyticsisanimportantaspectofdataanalyticsforauditors,butisnotapplicablefortaxaccountants.
Answer:FALSE
Difficulty:1Easy
Topic:Tax
LearningObjective:01-03ExplainwhyDataAnalyticsmatterstoaccountants.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
7)TheIinIMPACTCyclerepresentsIdentifytheQuestion.
Answer:TRUE
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
8)TheMinIMPACTCyclerepresentsMastertheData.
Answer:TRUE
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
9)ThePinIMPACTCyclerepresentsPredicttheResults.
Answer:FALSE
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
10)TheAinIMPACTCyclerepresentsAnalyzetheData.
Answer:FALSE
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
11)TheCinIMPACTCyclerepresentsContinuouslyTrack.
Answer:FALSE
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
12)TheTinIMPACTCyclerepresentsTrackOutcomes.
Answer:TRUE
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
13)Datanormalizationcanreducedataredundancyandimprovedataintegrity.
Answer:TRUE
Difficulty:1Easy
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
14)TheIMPACTcycleisiterative,asinsightsaregained,outcomesaretracked,andnewquestionsareidentified.
Answer:TRUE
Difficulty:1Easy
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
15)Dataanalyticsprofessionalsestimatethattheyspendbetween25percentand70percentoftheirtimecleaningdatasoitcanbeanalyzed.
Answer:FALSE
Difficulty:1Easy
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
16)Dataanalysisthroughdatamanipulationisperformingbasicanalysistounderstandthequalityoftheunderlyingdataanditsabilitytoaddressthebusinessquestion.
Answer:FALSE
Difficulty:2Medium
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
17)Tobeproficientindataanalysis,accountantsneedtobecomedatascientists.
Answer:FALSE
Difficulty:1Easy
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
18)Bydevelopingananalyticsmindset,accountantswillbeabletorecognizewhenandhowdataanalyticscanaddressbusinessquestions.
Answer:TRUE
Difficulty:1Easy
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
19)Whileitisimportantforaccountantstoclearlyarticulatethebusinessproblem,drawingappropriateconclusions,basedonthedata,shouldbelefttostatisticians.
Answer:FALSE
Difficulty:2Medium
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
20)Analytic-mindedaccountantsshouldreportresultsofanalysisinanaccessiblewaytoeachvarieddecisionmaker,alongwiththeirspecificneeds.
Answer:TRUE
Difficulty:1Easy
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
21)Withagoalofgivingorganizationstheinformationtheyneedtomakesoundandtimelybusinessdecisions,dataanalyticsofteninvolvesallofthefollowingexcept:
A)technologies.
B)statistics.
C)growth.
D)databases.
Answer:C
Difficulty:1Easy
Topic:DefineDataAnalytics
LearningObjective:01-01DefineDataAnalytics.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
22)Patternsdiscoveredfrom________enablebusinessestoidentifyopportunitiesandrisksinordertobetterplanfor________.
A)pastarchives;thefuture
B)currentdata;thefuture
C)currentdata;today
D)pastarchives;today
Answer:A
Difficulty:2Medium
Topic:HowDataAnalyticsAffectsBusiness
LearningObjective:01-02UnderstandwhyDataAnalyticsmatterstobusiness.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
23)Whichofthefollowingbestdescribesthedataanalyticsskillofdescriptivedataanalysis?
A)recognizewhatismeantbydataquality,beitcompleteness,reliabilityorvalidity
B)performbasicanalysistounderstandthequalityoftheunderlyingdataanditsabilitytoaddressthebusinessquestion
C)demonstrateabilitytosort,rearrange,merge,andreconfiguredatainamannerthatallowsenhancedanalysis
D)comprehendtheprocessneededtocleanandpreparethedatabeforeanalysis
Answer:B
Difficulty:2Medium
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
24)Whichofthefollowingbestdescribesthedataanalyticsskillofdataquality?
A)recognizewhatismeantbydataquality,beitcompleteness,reliabilityorvalidity
B)performbasicanalysistounderstandthequalityoftheunderlyingdataanditsabilitytoaddressthebusinessquestion
C)demonstratetheabilitytosort,rearrange,merge,andreconfiguredatainamannerthatallowsenhancedanalysis
D)comprehendtheprocessneededtocleanandpreparethedatabeforeanalysis
Answer:A
Difficulty:2Medium
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
25)Whichofthefollowingbestdescribesthedataanalyticsskillofdataanalysisthroughdatamanipulation?
A)recognizewhatismeantbydataquality,beitcompleteness,reliabilityorvalidity
B)performbasicanalysistounderstandthequalityoftheunderlyingdataanditsabilitytoaddressthebusinessquestion
C)demonstratetheabilitytosort,rearrange,merge,andreconfiguredatainamannerthatallowsenhancedanalysis
D)comprehendtheprocessneededtocleanandpreparethedatabeforeanalysis
Answer:C
Difficulty:2Medium
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
26)Whichofthefollowingbestdescribesthedataanalyticsskillofdatascrubbinganddatapreparation?
A)recognizewhatismeantbydataquality,beitcompleteness,reliabilityorvalidity
B)performbasicanalysistounderstandthequalityoftheunderlyingdataanditsabilitytoaddressthebusinessquestion
C)demonstrateabilitytosort,rearrange,mergeandreconfiguredatainamannerthatallowsenhancedanalysis
D)comprehendtheprocessneededtocleanandpreparethedatabeforeanalysis
Answer:D
Difficulty:2Medium
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
27)Whichofthefollowingbestdescribesthedataanalyticsskillofdevelopingananalyticsmindset?
A)recognizewhenandhowdataanalyticscanaddressbusinessquestions
B)performbasicanalysistounderstandthequalityoftheunderlyingdataanditsabilitytoaddressthebusinessquestion
C)recognizewhatismeantbydataquality,beitcompleteness,reliabilityorvalidity
D)comprehendtheprocessneededtocleanandpreparethedatabeforeanalysis
Answer:A
Difficulty:2Medium
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
28)Whichofthefollowingbestdescribesthedataanalyticsskillofdatavisualizationanddatareporting?
A)recognizewhenandhowdataanalyticscanaddressbusinessquestions
B)performbasicanalysistounderstandthequalityoftheunderlyingdataanditsabilitytoaddressthebusinessquestion
C)recognizewhatismeantbydataquality,beitcompleteness,reliabilityorvalidity
D)reportresultsofanalysisinanaccessiblewaytoeachvarieddecisionmakerandtheirspecificneeds
Answer:D
Difficulty:2Medium
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
29)Whichofthefollowingbestdescribesthedataanalyticsskillofdefiningandaddressingproblemsthroughstatisticaldataanalysis?
A)recognizewhatismeantbydataquality,beitcompleteness,reliabilityorvalidity
B)performbasicanalysistounderstandthequalityoftheunderlyingdataanditsabilitytoaddressthebusinessquestion
C)demonstrateabilitytosort,rearrange,mergeandreconfiguredatainamannerthatallowsenhancedanalysis
D)identifyandimplementanapproachthatwillusestatisticaldataanalysistodrawconclusionsandmakerecommendationsonatimelybasis
Answer:D
Difficulty:2Medium
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
30)Whileaccountantsdon'tneedtobecomedatascientists,theymustknowhowtodothefollowingexcept?
A)Clearlyarticulatethebusinessproblemthecompanyisfacing
B)Communicatewiththedatascientistsaboutspecificdataneedsandunderstandtheunderlyingqualityofthedata
C)Buildadatarepository
D)Comprehendtheprocessneededtocleanandpreparethedatabeforeanalysis
Answer:C
Difficulty:2Medium
Topic:Data-AnalyticSkillsNeededbyAnalytic-MindedAccountants
LearningObjective:01-05DescribetheSkillsNeededbyAccountants.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
31)Whichapproachtodataanalyticsattemptstoestimateorpredict,foreachunit,thenumericalvalueofsomevariableusingsometypeofstatisticalmodel?
A)Similaritymatching.
B)Classification.
C)Datareduction.
D)Regression.
Answer:D
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
32)Whichapproachtodataanalyticsattemptstoassigneachunit(orindividual)inapopulationintoafewcategories?
A)Similaritymatching.
B)Classification.
C)Datareduction.
D)Regression
Answer:B
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
33)Whichapproachtodataanalyticsattemptstocharacterizethetypicalbehaviorofanindividual,grouporpopulationbygeneratingsummarystatisticsaboutthedata?
A)Similaritymatching.
B)Profiling.
C)Datareduction.
D)Regression.
Answer:B
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
34)Whichapproachtodataanalyticsattemptstoreducetheamountofinformationthatneedstobeconsideredtofocusonthemostcriticalitems?
A)Similaritymatching.
B)Profiling.
C)Datareduction.
D)Regression.
Answer:C
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
35)Whichofthefollowingbestdescribestheclassificationapproachtodataanalytics?
A)Anattempttoassigneachunit(orindividual)inapopulationintoafewcategories.
B)Anattempttoidentifysimilarindividualsbasedondataknownaboutthem.
C)Anattempttodivideindividualsintogroupsinausefulormeaningfulway.
D)Anattempttodiscoverassociationsbetweenindividualsbasedontransactionsinvolvingthem.
Answer:A
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
36)Whichofthefollowingbestdescribestheclusteringapproachtodataanalytics?
A)Anattempttoassigneachunit(orindividual)inapopulationintoafewcategories.
B)Anattempttoidentifysimilarindividualsbasedondataknownaboutthem.
C)Anattempttodivideindividualsintogroupsinausefulormeaningfulway.
D)Anattempttodiscoverassociationsbetweenindividualsbasedontransactionsinvolvingthem.
Answer:C
Difficulty:3Hard
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
37)Whichofthefollowingbestdescribesthesimilaritymatchingapproachtodataanalytics?
A)Anattempttoassigneachunit(orindividual)inapopulationintoafewcategories.
B)Anattempttoidentifysimilarindividualsbasedondataknownaboutthem.
C)Anattempttodivideindividualsintogroupsinausefulormeaningfulway.
D)Anattempttodiscoverassociationsbetweenindividualsbasedontransactionsinvolvingthem.
Answer:B
Difficulty:3Hard
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
38)Whichofthefollowingbestdescribestheregressionapproachtodataanalytics?
A)Anattempttoestimateorpredict,foreachunit,thenumericalvalueofsomevariableusingsometypeofstatisticalmodel.
B)Anattempttopredictarelationshipbetweentwodataitems.
C)Anattempttodivideindividualsintogroupsinausefulormeaningfulway.
D)Anattempttodiscoverassociationsbetweenindividualsbasedontransactionsinvolvingthem.
Answer:A
Difficulty:3Hard
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
39)Whichofthefollowingbestdescribestheco-occurrencegroupingapproachtodataanalytics?
A)Anattempttocharacterizethetypicalbehaviorofanindividual,grouporpopulationbygeneratingsummarystatisticsaboutthedata.
B)Anattempttopredictarelationshipbetweentwodataitems.
C)Anattempttoreducetheamountofinformationthatneedstobeconsideredtofocusonthemostcriticalitems.
D)Anattempttodiscoverassociationsbetweenindividualsbasedontransactionsinvolvingthem.
Answer:D
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
40)Whichofthefollowingbestdescribesthelinkpredictionapproachtodataanalytics?
A)Anattempttocharacterizethetypicalbehaviorofanindividual,grouporpopulationbygeneratingsummarystatisticsaboutthedata.
B)Anattempttopredictarelationshipbetweentwodataitems.
C)Anattempttoreducetheamountofinformationthatneedstobeconsideredtofocusonthemostcriticalitems.
D)Anattempttodiscoverassociationsbetweenindividualsbasedontransactionsinvolvingthem.
Answer:B
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
41)Whichofthefollowingbestdescribestheprofilingapproachtodataanalytics?
A)Anattempttocharacterizethetypicalbehaviorofanindividual,grouporpopulationbygeneratingsummarystatisticsaboutthedata.
B)Anattempttopredictarelationshipbetweentwodataitems.
C)Anattempttoreducetheamountofinformationthatneedstobeconsideredtofocusonthemostcriticalitems.
D)Anattempttodiscoverassociationsbetweenindividualsbasedontransactionsinvolvingthem.
Answer:A
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
42)Whichofthefollowingbestdescribesthedatareductionapproachtodataanalytics?
A)Anattempttocharacterizethetypicalbehaviorofanindividual,grouporpopulationbygeneratingsummarystatisticsaboutthedata.
B)Anattempttopredictarelationshipbetweentwodataitems.
C)Anattempttoreducetheamountofinformationthatneedstobeconsideredtofocusonthemostcriticalitems.
D)Anattempttodiscoverassociationsbetweenindividualsbasedontransactionsinvolvingthem.
Answer:C
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
43)Whichapproachtodataanalyticsattemptstodiscoverassociationsbetweenindividualsbasedontransactionsinvolvingthem?
A)Similaritymatching.
B)Clustering.
C)Co-occurrencegrouping.
D)Linkprediction.
Answer:C
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
44)Whichapproachtodataanalyticsattemptstoidentifysimilarindividualsbasedondataknownaboutthem?
A)Similaritymatching.
B)Clustering.
C)Co-occurrencegrouping.
D)Linkprediction.
Answer:A
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
45)Whichapproachtodataanalyticsattemptstopredictarelationshipbetweentwodataitems?
A)Similaritymatching.
B)Clustering.
C)Co-occurrencegrouping.
D)Linkprediction.
Answer:D
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
46)Whichapproachtodataanalyticsattemptstodivideindividualsintogroupsinausefulormeaningfulway?
A)Similaritymatching.
B)Clustering.
C)Co-occurrencegrouping.
D)Linkprediction.
Answer:B
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Understand
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
47)Theimpactcycleincludesallthefollowingprocessesexcept:
A)Communicateinsights.
B)Performtestplan.
C)Analyzethedata.
D)Trackoutcomes.
Answer:C
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
48)Theimpactcycleincludesallthefollowingprocessesexcept:
A)Identifythequestions.
B)Addressandrefineresults.
C)Communicateinsights.
D)Continuouslytrack.
Answer:D
Difficulty:1Easy
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
49)Theimpactcycleincludesallthefollowingprocessesexcept:
A)Identifythequestions.
B)Addressandrefineresults.
C)Trackoutcomes.
D)Predicttheresults.
Answer:D
Difficulty:2Medium
Topic:TheDataAnalyticsProcessUsingtheImpactCycle
LearningObjective:01-04DescribetheDataAnalyticsProcessUsingtheIMPACTCycle.
Bloom's:Remember
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
50)Oneofthemostimportantaspectsofdataanalyticsthatimpactstaxis:
A)predictiveanalytics.
B)co-occurrencegrouping
C)similaritymatching.
D)dataquality.
Answer:A
Difficulty:2Medium
Topic:Tax
LearningObjective:01-03ExplainwhyDataAnalyticsmatterstoaccountants.
Bloom's:Apply
AACSB:ReflectiveThinking
AICPA:BBIndustry;FNDecisionMaking
51)Listanddescribetheeight(8)differentapproachestodataanalytics.
Answer:Answersmayvaryslightly!
? Classification—Anattempttoassigneachunit(orindividual)inapopulationintoafewcategories
? Regression—Anattempttoestimateorpredict,foreachunit,thenumericalvalueofsomevariableusingsometypeofstatisticalmodel.
? Similaritymatching—Anattempttoidentifysimilarindividualsbasedondataknownaboutthem.
? Clustering—Anattempttodivideindividuals(likecustomers)intogroups(orclusters)inausefulormeaningfulway.
? Co-occurrencegrouping—Anattempttodiscoverassociationsbetweenindividualsbasedontransactionsinvolvingthem.
? Profiling—Anattempttocharacterizethe"typical"behaviorofanindividual,grouporpopulationbygeneratingsummarystatisticsaboutthedata(includingmean,standarddeviations,etc.).
? Linkprediction—Anattempttopredictarelationshipbetweentwodataitems.
? Datareduction-Adataapproachthatattemptstoreducetheamountofinformationthatneedstobeconsideredtofocusonthemostcriticalitems(i.e.,highestcost,highestrisk,largestimpact,etc.).
Difficulty:3Hard
Topic:DefinitionofAccountingInformationSystems,Attributesof
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