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Copyright2019?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.

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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