3328 Data Analytics and Visualization

According to the textbook, audit data standards include all but the following benefits to accountants and auditors.

Is less expensive to implement and use

The data analytics skill sets that should be developed are all but the following (not decision-making)

Knowledge of audit data standards

According to the textbook, audit data standards include all but the following benefits to accountants and auditors.

Lends itself to analysis by managerial accountants seeking to lower costs

True or false: Business intelligence allows firms to monitor competitors, customers and suppliers.

True

True or false: Data analytics is defined as the science of examining raw data (now often Big Data), removing excess noise from the dataset, and organizing the data with the purpose of drawing conclusions for decision making.

True

Dimensions in Tableau are ___ fields.

categorical

Dimensions in Tableau are _____ fields.

categorical

Treemaps show relationships among nested .

categories

Vertical column charts typically show fewer than horizontal bar charts.

cateogries

When joining two tables in Tableau, the overlapping indicate the type of join.

circles

For horizontal bar charts, the purpose is to _____ information among categories.

compare

Scatter plots show correlations between two _____ variables.

continuous

In the relationships view in Power BI, inactive relationships are shown with a line.

dashed lines

The ___ view in Power BI lets you calculate new fields and set formatting for fields, such as currency fields.

data

To use the Tableau Show Me tool, select one or more of the of interest while holding down the control (CTRL) key.

fields

In the Power BI report view, the Visualizations area allows you to click on an ___ to select specific types of charts or visualizations.

icon

The data analytics skill sets that should be developed are all but the following:

Decision Making

True or false: Audit data standards are a set of data standards in preparation for the internal audit.

False

In Power BI, the view allows you to set connections among tables.

relationships

A study from McKinsey Global Institute estimates that Big Data could generate up to $ trillion in value per year in just a subset of industries impacted.

3

Data analytics professionals spend up to % of their time cleaning data for analysis?

90%

Audit data standards were developed by the following party to facilitate audits.

American Institute of Certified Public Accountants (AICPA)

The first step in the AMPS model is to _____.

Ask the question

Which party would have the most interest in monitoring blogs and social media to assess the probability of the collectibility of bad debts?

Company accountant

On the left, the Power BI report view screen shows icons representing the three different views: report, ___ , and relationships.

Data

In developing the visualization, it is important to keep the ___ maker in mind.

Decision

Counts, totals and sums are specific types of ______ analysis employed.

Descriptive

The analysis needed to address the question, 'Did return on assets improve or decline last year?', is _____ analysis.

Descriptive

The analysis needed to address the question, 'Did we make a profit last year?', is _____ analysis.

Descriptive

Addressing the question, 'Why did advertising expense increase, but sales decrease', is an example of _____ analysis.

Diagnostic

Addressing the question, 'Why did sales, general and administrative expense increase relative to the industry', is an example of _____ analysis.

Diagnostic

ETL stands for which process for scrubbing raw data to make it ready for analysis?

Extract, transform, load

True or false: Data analytics allows auditors to vastly expand sampling beyond current traditional sample sizes, but does not allow the ability to test the full population of transactions. True false question.

False

True or false: Excel is always the best visualization tool.

False

True or false: In Power BI, you can add a simple table to the report view page by clicking on the pie chart icon in the visualizations area and then selecting the fields to include.

False

True or false: In general, data analytics requires the auditor to pull data at the client site before an external audit is completed.

False

True or false: It is important to provide the decision maker more information than he or she can process.

False

True or false: Raw data must have blank rows or columns to be easily turned into an Excel table.

False

True or false: Unlike Microsoft Access, you can't create relationships among tables in Excel.

False

An important part of understanding the data involves questioning how the data supports the overall ___ of the visualizations.

Goal

According to the textbook, audits are expected to provide all but the following above and beyond the assurance perspective

Help companies reduce future audit fees

Which of the following is NOT a well-known visualization tool?

Microsoft Access

The first step in preparing the data and developing visualizations is to ___ data.

Obtain

Treemaps are similar in purpose to which of the following charts?

Pie charts

Classification and regression are specific types of ______ analysis employed.

Predictive

The analysis needed to address the question, 'Can we forecast whether the company will have a profit next year?', is _____ analysis.

Predictive

The analysis needed to address the question, 'Will these financial statements need to be restated?', is _____ analysis.

Predictive

Addressing the question, "What should we do, based on what we expect will happen" is an example of ______ analysis.

Prescriptive

The analysis needed to address the question, 'How can revenues be maximized if our employees go on strike?', is _____ analysis.

Prescriptive

The analysis needed to address the question, 'What level of sales is needed to breakeven?', is _____ analysis.

Prescriptive

According to the textbook, companies are empowered by using data analytics to do all but the following:

Prevent Fraud

The "S" in the AMPS model stands for _____ .

Share the Story

Which of the following is NOT true of pie charts?

They compare values across time

Which of the following is NOT true about line charts?

They show distribution of a single vairable

True or false: Data analytics is useful for a business to examine patterns and trends in large datasets

True

True or false: One reason for the paradigm shift suggests that auditors will stay engaged with clients beyond the audit since data analytics allows them to offer value to their clients.

True

True or false: The phrase "Your data won't speak unless you ask it the right data analysis questions" really speaks to the expertise the accountant can offer by asking questions that are answerable by data.

True

True or false: a data visualization is a graphical means of presenting information to decision makers.

True

True or false: in Excel, a slicer can be used to filter pivot table and pivot chart output.

True

Diagnostic analysis addresses which of the following questions?

Why did it happen

To create a table visualization in ___ view in Power BI, click on the Table icon in the visualizations area and then select the appropriate fields.

report

You can use Value Field Settings to specify a Custom __ for a field.

name

The more _____ the question is, the better chance it has of being answered.

narrow

Measures are ___ fields.

numeric

To create relationships among Excel tables, you link foreign keys to keys.

primary

Scatter plot data is often accompanied by a line summarizing the relationship and showing outliers.

regression

After connect to data sources in Tableau, the next step is to create ____ among the tables.

relationships

Which of the following is NOT part of selecting and modifying the visualization?

set relationships among tables

Part of understanding the data is to find relevant ___ for the data.

sources

Part of getting the Excel data is to convert the raw data into .

tables

Line charts typically are used to show values over .

time

True or false: Bar charts compare information among categories.

true

True or false: In data view in Power BI, you can set formatting for a field by selecting Modeling > Formatting and then selecting the appropriate format.

true

True or false: both vertical column and horizontal bar charts can be used to compare information among categories.

true

Pie charts are typically used to show the composition of a .

whole