ACC 263 Chapter 5

______ is most directly associated with helping to find anomalies and outliers.

Benford's Law

Select the type of data analytics statistical function used in Excel's Data Analysis Toolpak to its function. To understand if and the extent to which variables are related to each other

Correlation

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the analytics types used. Fuzzy matching of vendors and employees to see if there are similarities in names or addresses

Diagnostic Analytics

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the analytics types used. Variance analytics—why price or quantity used is greater than expected

Diagnostic Analytics

The median is the _____ of the data in a sorted array.

Midpoint

The bell-shaped probability distribution that is symmetric about its mean is called a _________ distribution.

Normal

If the statistical test shows that the p-value > alpha, the researcher will fail to reject the _______ hypothesis.

Null

The _____ hypothesis assumes the hypothesized relationship does not exist.

Null

As a measure of spread, the difference between the maximum and minimum values of a variable of interest is called its ________.

Range

Select the type of data analytics statistical function used in Excel's Data Analysis Toolpak to its function. To understand the relation between specific dependent variable values and independent variable inputs

Regression

If the p-value of the statistical test <= alpha, the researcher will __________ the null hypothesis.

Reject

A _________ t-test is a statistical test used to compare the means of two sets of data observations.

Sample

If we don't know the true population average, we will use the _____ average to make inferences about the true population average.

Sample

True or false: Prescriptive analytics is the ability to anticipate alternative scenarios.

True

_________ analysis is used in managerial accounting to explain why the actual product cost is different from the standard cost.

Variance

A sample ______ is used to compare the means of two sets of data observations to each other.

t-test

The use of fuzzy lookup (or fuzzy matching) to find possible matches would be an example of ______ analytics.

Diagnostic

Uncovering patterns is an example of ______ analytics.

Diagnostic

Uncovering patterns is an example of ________ analytics.

Diagnostic

True or false: Auditors are increasingly able to consider data from the full population of transactions, rather than just a sample.

True

The adjusted R-squared ranges from a value of 0 to ________ .

1

The ______ is a statistic used to measure how good the model did at predicting the dependent variable in a regression.

Adjusted r-squared

The ____ hypothesis is the case management theorizes and/or believes is true.

Alternative

Prescriptive analytics is performed to identify the best possible options given _________ or changing conditions

Constraints

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the analytics types used. Bank reconciliation

Diagnostic Analytics

Counts, totals, sums, averages, and subtotals are considered to be summarization tools used primarily in ________ analytics

Descriptive

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the analytics types used. Pivot table analytics to find most profitable product or customer

Descriptive Analytics

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the analytics types used. Ratio analytics

Descriptive Analytics

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the example questions. How big is the difference between taxable income and net income?

Descriptive Analytics

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the example questions. How much did we pay in federal taxes last year?

Descriptive Analytics

Select the type of data analytics statistical function used in Excel's Data Analysis Toolpak to its function. To understand the basic statistics, including the mean, standard deviation, minimums, and maximums of a data set

Descriptive statistics

Testing of means of various groups (i.e. t-test, correlation, rank and percentile) are all used as part of ________ analytics.

Diagnostic

Testing of means of various groups (i.e. t-test, correlation, rank and percentile) are all used as part of _________ analytics.

Diagnostic

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the example questions. How can the computation of price variance and labor rate variance help determine root cause of the operational results?

Diagnostic Analytics

The _______ sheet is available in the Excel Data Analysis Toolpak to help with predictive analytics.

Forecast or forecasting

Select the type of data analytics statistical function used in Excel's Data Analysis Toolpak to its function. To understand the frequency of the data using a display of rectangles with area proportional to the underlying frequency of the data

Histogram

a. If your IQ is 130, the average population IQ is 100, and the standard deviation is 15, what is your z-score? b. How many standard deviations are above the mean? c. What does that suggest about your IQ compared to the population?

If your IQ is 130 and the average population IQ is 100 and the standard deviation is 15, what is your z-score? The z-score would be computed as (130 −100)/15 = 2, or two standard deviations above the mean. We would reject the null hypothesis that your IQ is the same as the population.

The sample arithmetic __________ is the sum of all data points divided by the number of observations.

Mean

Uncovering the details by summarizing the data at different levels would be an example of _____.

Performing drill-down analytics

A group of phenomenon having something in common is called a _____.

Population

_________ analytics is associated with forecasting a future event.

Predictive

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the analytics types used. Classifying firms into those expected to have committed fraud vs. no fraud

Predictive Analytics

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the example questions. Can we forecast future revenues/cash flows/earnings with reasonable accuracy?

Predictive Analytics

What-if sensitivity analysis is an example of _______ analytics

Prescriptive

What-if sensitivity analysis is an example of _______ analytics.

Prescriptive

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the analytics types used. Capital budgeting—evaluating cash flows

Prescriptive Analytics

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the analytics types used. Scenario analytics

Prescriptive Analytics

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the example questions. Should the company make its products or outsource to other producers?

Prescriptive Analytics

Select the analytics type (descriptive, diagnostic, predictive and prescriptive) to the example questions. Will the company be profitable if its pharmaceutical product is approved by the FDA?

Prescriptive Analytics

Optimization would be a tool used as part of ___________.

Prescriptive analytics

A _________ distribution is a statistical property that describes the possible values of random variables and the likelihood that a random variable will be within a given range.

Probability

A ___________ distribution is a statistical property that describes the possible values of random variables and the likelihood that a random variable will be within a given range.

Probability

The most common measures of __________ are the standard deviation and the variance.

Spread or Variability

Whereas a parameter is a characteristic of a population, a __________ is a characteristic of a sample.

Statistic

Select the type of data analytics statistical function used in Excel's Data Analysis Toolpak to its function. To understand the probability of a difference in means between either two independent samples or a paired sample through time

T-tests

d. If the average IQ of the population is 100 and the standard deviation is 15, what is the 95 percent confidence interval?

The 95 percent confidence interval would mean ± 2 standard deviations. So, in this case it would be 100 ± 2 (15), would give us a confidence interval between 70 and 130.