Ch1 Data Analytics

Which Microsoft Track tool is best for advanced data visualizations?

Power BI

According to the text, cleaning the data takes between Blank______ and Blank______ percent of a data analyst's time.

50; 90

big data

datasets too large and complex for businesses existing systems to handle utilizing their traditional capabilities to capture, store, manage, & analyze these datasets

ETL

extraction, transformation, & loading data (master the data)

Tableau Desktop is the best Tableau Track tool for data preparation.

false; Tableau Prep is the best Tableau Track tool for data preparation.

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

normalization

Clustering

organizing items into related groups during recall from long-term memory; divide individuals into groups in a useful way (find underlying drivers of similar data elements to group them together)

Audits provide important findings from both a financial perspective and non-financial perspective that help a firm to Blank______:

refine their processes

In a significant paradigm shift, data analytics will allow auditors to:

stay engaged with clients beyond the audit

Classification

Assignment of objects or people to categories on the basis of shared characteristics.

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

Ability to house huge data sets; ARE: recognizing data quality, data scrubbing/preparation; defining & addressing problems through statistical data analysis

Regression

predict a specific dependent variable value based on independent variable inputs

data processing

the collection of data

Data Preparation & scrubbing

converting information from surveys or other data sources so it can be used in statistical analysis; the process of going through a database and eliminating dirty data

Similarity matching

identifying like-individuals based on what you know about them

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

minimize the amount of taxes paid.

Data Validation & completeness

to provide a sense of reliability of the data

In which step of the IMPACT cycle do data analysts slice and dice the data, find correlations, ask ourselves further questions, ask colleagues what they think, and revise and rerun the analysis?

Address and Refine Results

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

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

Communicate Insights and Track Outcomes

Which Microsoft Track tool is most appropriate for working with small data sets?

Excel

The "T" as part of the IMPACT cycle stands for:

Track Outcomes

reduces the amount of information that needs to be considered to focus on the most important

data reducing

Which is the best Tableau Track tool for advanced visualizations?

Tableau Desktop

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

false

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 (research and development)

Link prediction

predicting connections b/w 2 data items

Traditional audit approaches tested a Blank______ of the financial data transactions; in contrast, data analytics enables auditors to analyze Blank______ dataset.

sampling, the complete

True or false: Data Analytics can impact Financial Accounting by helping evaluate estimates and valuations.

true

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

true

Co-occurrence Grouping

an attempt to discover associations between individuals based on transactions involving them

Data analytics are used to discover all of the following except:

anomalies which are anticipated; DOES: forecast of future possibilities buying patterns of customers anomalies not previously anticipated

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

data analytics

The process of evaluating data with the purpose of drawing conclusions to address business questions is defined as:

data analytics

The real value inherent in data comes from Blank______, discovering the various buying patterns of customers, investigating anomalies that were not predicted in firm operations, and forecasting future demand and supply.

data analytics

structured data

data that adheres to a predefined data model in a tabular format

unstructured data

data that does not adhere to a predefined data format

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

Becoming a data scientist; ARE: Performing Descriptive data analysis, Recognizing data quality, Data scrubbing and data preparation

Once the data has been analyzed and the results have been refined, what is the next step in the IMPACT cycle?

Communicate insights

What process involves the technologies, systems, practices, methodologies, databases, statistics, and applications used to analyze diverse business data to give organizations the information they need to make decisions?

Data Analytics

The real value inherent in data comes from ______, discovering the various buying patterns of customers, investigating anomalies that were not predicted in firm operations, and forecasting future demand and supply.

Data Analytics is what helps us do all of these things.

Management accounting tasks that might involve data analytics include which of the following?

Determining the cost of each job.

ETL (Extract, Transform and Load) would be an example of which step in the IMPACT cycle?

Master the Data

Scrubbing the data would be an example of which step in the IMPACT cycle?

Master the Data

After "Identifying the Question", the next step in the IMPACT cycle is to:

Master the data

Which testing approach would be considered to be an attempt to identify similar individuals based on data known about them?

Similarity Matching testing approach best matches this description.

Data Analytics may use what source to assess the probability of a goodwill write-down, warranty claims or the collectibility of bad debts?

Social media

The Forbes Insight/KPMG report, "Audit 2020: A Focus on Change.", found that the vast majority of survey respondents believe that technology will enhance the quality, Blank______, and accuracy of the audit.

The best answer is that technology is expected to enhance the quality, transparency and accuracy of the audit.

An attempt to assign each unit (or individual) in a population into a few categories would be called the ______ approach.

The classification approach is the one that describes assigning units into a few categories.

The description of the management accountant's task and that of the data analyst appear to be quite similar.

The description of the management accountant's task and that of the data analyst are quite similar.

data analytics

The process of evaluating data with the purpose of drawing conclusions to address business questions. Indeed, effective Data Analytics provides a way to search through large structured and unstructured data to identify unknown patterns or relationships.

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

The regression approach is the attempt to estimate or predict, for each unit, the numerical value of some variable using some type of statistical model.

The 4 V's describing Big Data include: Volume, Variety, Veracity and Blank______.

Velocity, or the speed of the data processing.

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

cash and accounts payable

Profiling

characterize the typical behavior of an individual/group by generating summary statistics like mean/median/max... about the data

Which testing approach would be considered to be an attempt to divide individuals (like customers) into groups (or clusters) in a useful or meaningful way?

clustering