Business Analytics for Accountants Test Bank
Course Introduction
Business Analytics for Accountants introduces students to the principles and practical applications of data analysis in the accounting profession. The course covers essential topics such as data sourcing, data cleaning, and data visualization, with an emphasis on interpreting financial and non-financial information to support accounting decision-making. Through hands-on exercises using software tools commonly employed in the industry, students learn to apply statistical techniques and predictive analytics to audit, risk assessment, budgeting, and financial reporting. By the end of the course, students will be equipped with the analytical skills necessary to provide valuable insights, enhance business performance, and adapt to the evolving demands of the accounting field.
Recommended Textbook
Data Analytics for Accounting 1st Edition by Vernon Richardson
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8 Chapters
415 Verified Questions
415 Flashcards
Source URL: https://quizplus.com/study-set/2645 Page 2
Chapter 1: Data Analytics in Accounting and Business
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55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/52774
Sample Questions
Q1) Analytic-minded accountants should report results of analysis in an accessible way to each varied decision maker,along with their specific needs.
A)True
B)False
Answer: True
Q2) To be proficient in data analysis,accountants need to become data scientists.
A)True
B)False
Answer: False
Q3) Data analytics is the process of evaluating data with the purpose of drawing conclusions to address business questions.
A)True
B)False
Answer: True
Q4) The A in IMPACT Cycle represents Analyze the Data.
A)True
B)False
Answer: False
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Chapter 2: Data Preparation and Cleaning
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55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/52773
Sample Questions
Q1) A foreign key is an attribute that exists in relational databases in order to carry out the relationship between two tables.
A)True
B)False
Answer: True
Q2) Assume that you have just completed the extraction process on a data set.As you begin validating the data for completeness and integrity,you notice an error.Describe the steps you might take to determine the source of an error.
Answer: Answers will vary! A potential answer might include: If an error is found,depending on the size of the dataset,you may be able to easily find the missing or erroneous data by scanning it with your eyes.However,if the dataset is large,or if the error is difficult to find,it may be easiest to go back to the extraction and examine how the data was extracted,fix any errors in the SQL code,and re-run the extraction.
Q3) A template can make communication easier between data requestor and provider.
A)True
B)False
Answer: True
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Chapter 3: Modeling and Evaluation: Going From Defining
Business Problems and Data Understanding to Analyzing
Data and Answering Questions
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55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/52772
Sample Questions
Q1) Existing data that has been manually evaluated and assigned a class is often referred to as test data.
A)True
B)False
Answer: False
Q2) ________ is existing data that has been manually evaluated and assigned a class and ________ is existing data used to evaluate the model.
A) Test data; Training data
B) Training data; Test data
C) Structured data; Unstructured data
D) Unstructured data; Structured data
Answer: B
Q3) The P in IMPACT Cycle represents performing test plan.
A)True
B)False
Answer: True
Q4) Co-occurrence grouping is an example of a supervised approach.
A)True
B)False
Answer: False Page 5
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Chapter 4: Visualizations: Using Visualizations and
Summaries to Share Results
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50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/52771
Sample Questions
Q1) The charts most frequently considered for depicting quantitative data are bar charts,pie charts and stacked bar charts.
A)True
B)False
Q2) Ratio data is considered the most sophisticated type of data.
A)True
B)False
Q3) Polar bears,brown bears,black bears,and panda bears would be best described as an example of:
A) Nominal data
B) Ordinal data
C) Ratio data
D) Interval data
Q4) ________ are the product of wanting to present findings to an audience.
A) Declarative visualizations
B) Static visualizations
C) Exploratory visualizations
D) Interactive visualizations
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Chapter 5: The Modern Audit and Continuous Auditing
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50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/52770
Sample Questions
Q1) The evaluation of audit data may be distilled into a feasibility score.
A)True
B)False
Q2) Heterogeneous systems represent one single installation or instance of a system.
A)True
B)False
Q3) The Audit Data Standards define common tables and fields that are needed by auditors to perform common audit tasks.The Securities and Exchange Commission,or SEC,developed these standards.
A)True
B)False
Q4) Continuous auditing relies heavily on alarms,which are essentially notifications of a classification problem.A ________ occurs when a normal transaction is not classified as problematic.
A) False negative
B) True negative
C) True positive
D) False positive
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Chapter 6: Audit Data Analytics
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50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/52769
Sample Questions
Q1) Which of the following is not an example of descriptive analytics?
A) Drill-down
B) Age analysis
C) Sampling
D) Sorting
Q2) The auditor may select a sample of the accounts to verify that they were closed and the documentation exists.
A)True
B)False
Q3) Evaluating the tone of text to forecast an outcome is referred to as ________ and is an example of ________ analytics.
A) classification; prescriptive
B) classification; predictive
C) sentiment analysis; prescriptive
D) sentiment analysis; predictive
Q4) A business unit code is used to identify the business unit,region,and branch at the level that financial statements are being reconciled.
A)True
B)False
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Chapter 7: Generating Key Performance Indicators
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50 Verified Questions
50 Flashcards
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Sample Questions
Q1) Creating a balanced scorecard or any type of digital dashboard to present KPIs for decision-making follows the IMPACT model.
A)True
B)False
Q2) Operating expense ratio is which of the following types of KPI?
A) Employee performance
B) Operational
C) Marketing
D) Financial performance
Q3) Environmental and social sustainability KPIs include energy consumption and carbon footprint.
A)True
B)False
Q4) Waste reduction rate is which of the following types of KPI?
A) Employee performance
B) Operational
C) Environmental and social sustainability
D) Financial performance
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Chapter 8: Using Financial Statement Data
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50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/52767
Sample Questions
Q1) Data analytics can help predict a company's revenue,earnings,and cash flow.
A)True
B)False
Q2) The XBRL tag for cash is labeled Cash and is defined as follows: Amount of currency on hand as well as demand deposits with banks or financial institutions.
A)True
B)False
Q3) The Securities and Exchange Commission mandates all publicly traded companies file financial statements prepared in accordance with U.S.GAAP.
A)True
B)False
Q4) Many financial reporting systems within enterprise systems have general ledgers that are consistent with XBRL called XBRL-GL. A)True
B)False
Q5) XBRL is a global standard for internet communication mostly among day traders. A)True
B)False
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Page 11