Accounting Analytics 5150

Asking colleagues what they think of the analysis would be considered to be part of which stage of the IMPACT cycle.

Address and Refine Results

Slicing and dicing the data, finding correlations, revising and rerunning the analysis would be considered to be part of which stage of the IMPACT cycle.

Address and Refine Results

Financial accounting often has challenges with valuation and estimates in all but the following area:

Cash

Which would not be considered as one of the seven skills that analytic-minded accountants should have?

Data description or become a data scientist

True or false: Data analytics involves only the analysis of unstructured data.

False

ETL (Extraction, Transformation and Loading) would be an example of which step in the IMPACT cycle?

Master the Data

After data analysts slice and dice the data, find correlations, ask ourselves further questions, ask colleagues what they think, and revise and rerun the analysis, what comes next in the IMPACT cycle?

communicate insights

The firm practice of monitoring competitors, customers and suppliers to better understand its opportunities and threats is called __________.

data analytics

Audit firms are increasingly considering operational data such as manufacturing logs, customer relationship management data and supply chain data primarily to ______________________:

help companies refine their operations

According to the textbook, Data Analytics can be applied to taxes by helping to predict the tax consequences of a potential international transaction, a proposed merger or acquisition or ___________.

investment in R&D

Reviewing data availability in a firm's internal and external systems would be an example of which step in the IMPACT cycle?

master the data

Tax compliance deals primarily with filing tax returns. In contrast, tax planning primarily helps

minimize the amount of taxes paid

As part of mastering the data, data analysts perform data ________________ to reduce data redundancy and improve data integrity.

normalization

An attempt to estimate or predict, for each unit, the numerical value of some variable using some type of statistical model would be called the _____________ approach.

regression

A digital dashboard would be part of which step of the IMPACT cycle?

track outcomes

McKinsey Global Institute estimates that Data Analytics could generate up to $3 _____ in value each year.

trillion

True or false: Data analytics expands auditors' capabilities in services like testing for fraudulent transactions.

true