Data Analytics in Accounting Exam Preparation Guide
Course Introduction
Data Analytics in Accounting explores the application of data analysis techniques to accounting and financial information, enabling more informed decision-making in modern business environments. The course introduces students to key concepts including data mining, visualization, and statistical analysis, using popular tools such as Excel, SQL, and data visualization software. Emphasis is placed on the interpretation of large data sets, detecting patterns and anomalies, and providing actionable insights for audit, risk assessment, fraud detection, and performance evaluation. Through hands-on projects and real-world case studies, students gain practical skills in integrating data analytics into accounting processes to increase efficiency, accuracy, and strategic value.
Recommended Textbook
Accounting Information Systems 4th Edition by Robert Hurt
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Chapter 2: Role and Purpose of Accounting Information Systems
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Q1) Storage is one generic element of the AIS; the text explains that data stored electronically often are grouped into three types of files.Which of the following includes one example of each file type?
A)Purchases, sales, inventory
B)Purchases, inventory, purchases/inventory
C)Cash receipts, cash payments, cash on hand
D)Sales, cost of goods sold, inventory
Answer: B
Q2) In an auditing course, students develop their decision making skills, learn how to conduct a financial statement audit and learn the various types of audit reports.Which of the following therefore links AIS with auditing?
A)Communication skills
B)Professional judgment
C)Both communication skills and professional judgment
D)Neither communication skills nor professional judgment
Answer: C
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Chapter 3: Transaction Processing in the Ais
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Q1) All of the following are common coding systems used in organizations except:
A)Block
B)Hierarchical
C)Random
D)Sequential
Answer: C
Q2) Most organizations use purchase orders to authorize inventory and other purchases.If a company's purchase order contains a column labeled "product code," it most likely uses what kind of coding?
A)Sequential
B)Block
C)Hierarchical
D)Mnemonic
Answer: D
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Page 4
Chapter 4: Internal Controls
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Q1) Raj, an employee at TRS Corporation, was preparing a risk/control matrix related to the steps in the accounting cycle.The first row of the matrix contained the following entries: Adequate training.Assets that should be reported at historical cost are reported at market value.Human error.Internal audits.All the columns in the risk/control matrix are represented by those items except:
A)Comments
B)Internal control
C)Risk
D)Risk category
Q2) Internal controls can prevent, detect or correct a problem.Which of the following groups includes controls that will fulfill all three with respect to the risk of an employee embezzling money by forging a manager's signature on a check?
A)Separation of duties, internal audit, employee bonding
B)Physical security of cash, pre-numbered documents, restrictive endorsements
C)Separation of duties, pre-numbered documents, restrictive endorsements
D)Physical security of cash, internal audit, employee bonding
Q3) COSO's Internal Control-Integrated Framework comprises five interrelated elements.List and briefly discuss each of the five elements.
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Page 5
Chapter 5: Management Concepts
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Q1) Which of the following steps occurs first in the generalized model of business process management discussed in the text?
A)Analyze collected data.
B)Collect process-related data.
C)Optimize the process.
D)Select the process and define its boundaries.
Q2) One of the steps in the generalized model of business process management discussed in the text focuses on collecting process-related data.If Laurie and Milton are concerned about the risks created by inefficiency in the company's current fixed asset purchasing process, they could collect data related to: (i) the average length of time between an order for a fixed asset and its delivery, (ii) the costs incurred in the fixed asset purchasing process.
A)I only
B)II only
C)Both I and II
D)Neither I nor II
Q3) Explain how Brown's risk taxonomy, discussed in the chapter on internal control, relates to COSO's enterprise risk management framework.You do not need to list the elements of Brown's taxonomy.
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Page 6
Chapter 6: Information Systems Concepts
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Q1) IRM Corporation had an outdated, ineffective system for monitoring its fixed assets.You have been asked by the CEO to develop a new system; you have decided to use the systems development life cycle to accomplish the task.For each fixed asset, the system should include the following items: identification code, name, date placed in service, cost, estimated life, estimated salvage value, depreciation method, and condition.For each step in the SDLC, indicate one question you would ask/action you would take to develop the new system.Ensure that your responses are specific to the fixed asset system.
a.Initiation/planning:
b.Requirements analysis:
c.Design:
d.Build:
e.Test:
f.Implementation:
g.Operations/maintenance:
Page 7
Q2) All of the following are levels of the capability maturity model except: A)Analytical
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Chapter 7: Flowcharting
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Q1) Documents in a flowchart should have:
A)A clear origin, but not a clear termination
B)A clear termination, but not a clear origin
C)Both a clear origin and a clear termination
D)Neither a clear origin nor a clear termination
Q2) Explain, in no more than ten sentences, the process depicted in the following flowchart:
Q3) The chapter discussed four kinds of flowcharts.Differentiate them based on their purpose, use and relationship to accounting information systems.
Q4) After drawing a rough draft of a flowchart by hand, Sue should:
A)Determine which computer program she wants to use to prepare a final copy.
B)Ask for feedback on the flowchart from her supervisor.
C)Both determine which computer program she wants to use to prepare a final copy and ask for feedback on the flowchart from her supervisor.
D)Neither determine which computer program she wants to use to prepare a final copy nor ask for feedback on the flowchart from her supervisor.
Q5) Analyze the flowchart below and the statements which follow.Determine which statements are true based on the flowchart.
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Chapter 8: Data Flow Diagramming
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Q1) Please refer to the following short case as you respond to the question: A painter accepts orders for original works from customers in person or via the Internet.Based on the order, the painter creates an initial sketch, which must be approved by the customer; the customer may make changes to the initial sketch.After customer approval, the painter selects appropriate materials and gives the customer a price quote.If the customer accepts the price quote, the painter creates the original work; if not, the project is abandoned.The painter stores data about customers, previous orders and previously completed works in an electronic database.Data flow diagrams incorporate four symbols.Which of the following pairs of items would be represented with the same symbol in a DFD of the case?
A)Painter, customer
B)Initial sketch, price quote
C)Customer, initial sketch
D)Painter, price quote
Q2) Data flow diagrams incorporate four symbols.List the symbols; for each one, give two examples of how it might be used in a DFD.
Q3) List and discuss two ways data flow diagrams are used in accounting information systems work.
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Chapter 7: Rea Modeling
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Q1) Consider the following short case as you respond to the next nine questions: ABC Consulting's employees include management, consultants and office staff.The company accepts engagements related to internal control design and evaluation, as well as enterprise risk management plans.A customer can purchase the two services independently of one another.The office staff bills clients on a monthly basis with terms of 2/10, n/30.All consulting clients must sign a contract, which is also signed by an ABC manager.One member of ABC's management team assigns at least one consultant to work with the customer until the engagement is complete.Consultants can be assigned to multiple engagements simultaneously, but every consultant must always be working on at least one engagement.Each client may have only one contract with ABC at a time.A REA model of the case would include ___ resources.
A)Zero
B)One or two
C)Three or four
D)More than four
Q2) REA models often are created using the six-step process described in the text; after they are created, they are often used to create database tables.List and discuss three internal controls you would recommend implementing in the six-step process and/or the database creation process.
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Chapter 8: XBRL
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Q1) Explain the structure of XBRL, including its relationship to XML.
Q2) Examples of XBRL instance documents include:
A)Statement of cash flows
B)Balance sheet
C)Income statement
D)All of these
Q3) Bumble Beasley commented: "I understand the benefits of XBRL, but tagging all our company's journal entries and financial statements is too much work." Which of the following is the best response to Bumble's comment?
A)XBRL cannot be used to tag journal entries.
B)The tagging process can be automated.
C)Both XBRL cannot be used to tag journal entries and the tagging process can be automated.
D)Neither XBRL cannot be used to tag journal entries nor the tagging process can be automated.
Q4) The capability maturity model has five levels: chaotic, repeatable, defined, managed, and optimized.Could an organization benefit from using XBRL at each of the five levels? If so, how? If not, why not? Ensure that your response addresses each level individually.
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Chapter 9: E-Business and Enterprise Resource Planning Systems
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Q1) A company engaged in B2C e-business needs to create a new computer network.The process of creating the network would benefit most from:
A)The capability maturity model.
B)The systems development life cycle.
C)The use of expectancy theory.
D)Re-ordering the steps in the accounting cycle.
Q2) TNS Corporation had been doing business via traditional brick-and-mortar methods for many years, then decided to expand into e-business.Based on the benefits and costs of e-business listed in the text, which of the following numbers is likely to increase?
A)Sales
B)Profits
C)Prepaid assets
D)Retained earnings
Q3) WebTrust and SysTrust are most closely related to which of the following?
A)Elements of Brown's risk taxonomy
B)Flowcharting
C)Expectancy theory
D)All of these
Q4) List and briefly discuss five major forms of e-business.
Page 13
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Chapter 10: Computer Crime and Information Technology Security
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Q1) Carter suggested a four-part taxonomy for classifying computer crime.Which of the following contains elements that would help an accounting professional prevent one or more of the four types?
A)COBIT
B)AICPA Core Competencies framework
C)Both COBIT and AICPA Core Competencies framework
D)Neither COBIT nor AICPA Core Competencies framework
Q2) According to COBIT 5, an organization's information technology governance and management should apply a single integrated framework for managing information.Which of the following best pairs an established framework with an element of the framework?
A)FASB Conceptual Framework of Accounting, qualitative characteristics of internal control
B)FASB Conceptual Framework of Accounting, elements of financial statements
C)Both FASB Conceptual Framework of Accounting, qualitative characteristics of internal control and FASB Conceptual Framework of Accounting, elements of financial statements
D)Neither FASB Conceptual Framework of Accounting, qualitative characteristics of internal control nor FASB Conceptual Framework of Accounting, elements of financial statements
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Chapter 11: Salescollection Process
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Q1) Accounting information systems have five generic elements.Which one applies to each item listed below within the context of the sales/collection process? a.Customer check, from the point of view of the seller b.Customer order c.Employee master file d.Invoice e.Maintaining adequate inventory f.Record transactions in the AIS g.Remittance advice, from the point of view of the seller h.Sales/inventory junction table i.Use of the seven steps j.Using information technology to fill orders
Q2) Internal controls in the sales/collection process include:
A)Pre-numbered documents.
B)Adequate supervision.
C)Bank reconciliations.
D)All of these.
Q3) A remittance advice is an example of which generic element of an accounting information system?
A)Document
B)Storage
C)Both document and storage
D)Neither document nor storage
Q4) List, in order, the steps in the sales/collection process discussed in the text.
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Page 15
Chapter 12: Acquisitionpayment Process
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Q1) As part of an inventory purchase, BSP Corporation paid a freight bill.The proper treatment of the freight cost in BSP's accounting information system is:
A)Capitalize to inventory.
B)Capitalize to cash.
C)Expense to inventory.
D)Expense to cash.
Q2) Accounting information systems have five generic parts.Outputs of the acquisition/payment process can include:
A)Schedule of accounts payable.
B)Checks.
C)Both schedule of accounts payable and checks.
D)Neither schedule of accounts payable nor checks.
Q3) In your own words, explain the role and purpose of the acquisition/payment process.Do not list the steps in the process as part of your response.
Q4) Several journal entries common to the acquisition/payment process are listed below.For each, explain what transaction the entry is recording.
Q5) List, in order, the steps in the acquisition/payment process discussed in the text.
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Chapter 13: Other Business Processes
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Q1) Which of the following internal controls could be applied to processing payroll transactions in the human resources process?
A)Outsourcing
B)Use of information technology
C)Both outsourcing and use of information technology
D)Neither outsourcing nor use of information technology
Q2) Accounting information systems have five basic elements.Which of the following would be associated with the human resource process?
A)Payroll transactions
B)Performance evaluations
C)Both payroll transactions and performance evaluations
D)Neither payroll transactions nor performance evaluations
Q3) Fill in the blanks below for common transactions processed in the conversion, human resource and financing business process.
Q4) Create a narrative description of the REA model shown below.
Q5) Indicate the effect (increase, decrease or no change) the indicated transaction would have on the specified ratio in each of the following independent situations.
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Chapter 14: Decision-Making Models and Knowledge Management
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Q1) The COSO internal control framework includes "monitoring" as one component.Monitoring is most similar to which step in Steps for Better Thinking?
A)Identifying
B)Exploring
C)Prioritizing
D)Envisioning
Q2) When a decision maker reaches the point where the amount of information actually integrated into a decision begins to decline, the decision maker is experiencing:
A)Information asymmetry.
B)Information overload.
C)Enterprise risk.
D)Relapse errors.
Q3) Which level of Steps for Better Thinking is indicated in each of the following?
a.Acquire background knowledge and skills.
b.Deal with limitations to the solution.
c.Identify the problem, relevant information and uncertainties.
d.Implement solutions.
e.Interpret and organize the information.
Q4) List, in order, the seven steps to create a knowledge management system.
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Chapter 17: Professionalism, Ethics, and Career Planning
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Q1) Professional codes of ethics in accounting set out non-changing principles developed through reasoning; those principles constitute a universal code of ethics.Therefore, professional codes of ethics in accounting are most closely related to which school of ethical thought?
A)ethical egoism
B)utilitarianism
C)deontology
D)virtue ethics
Q2) Arnold, having arrived at a preliminary decision about how to resolve an ethical dilemma, discussed his alternatives with a trusted co-worker.Based on the Langenderfer and Rockness model, what should he do next?
A)Determine the stakeholders involved in the ethical dilemma.
B)Evaluate the consequences of his proposed action.
C)Decide what to do.
D)Determine which school of ethical thought his co-worker follows.
Q3) McDonald suggested four characteristics necessary to be considered a professional.Revise each statement below to more appropriately reflect one of those characteristics; indicate the relevant characteristic in the space provided.
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Chapter 18: Auditing and Evaluating the Ais
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Q1) Which of the following organizations is most likely to be subject to a compliance audit?
A)Yellow Pages Company
B)City of Los Angeles
C)Microsoft
D)All of these are likely to be subject to a compliance audit.
Q2) The chapter identified seven types of audits you are likely to encounter in your career.Identify and discuss two similarities and two differences between investigative audits and financial audits.
Q3) Verifying the frequency of bank reconciliations and reconciling the latest bank statement are examples of actions an auditor might take in which generic steps of the financial statement audit process?
A)First and second
B)Second and third
C)Third and fourth
D)Second and fourth
Q4) In your own words, explain the ten generally accepted auditing standards discussed in the text.
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