ACCT302 Unit 2 Quiz

______ is an observation about the frequency of leading digits in many real-life sets of numerical data.

Benford's law

True or false: Data visualizations are just for "visual" learners.

False

In which format do analysts typically prefer to analyze data?

Flat file (such as Excel)

... looks for similarities between portions, or segments, of the text of each potential match.

Fuzzy match

If the rank or order of the data matters, what kind of data are you working with?

Ordinal data

A company's ethical considerations often includes an assessment of the risks linked to the specific type of data the company uses.

True

The brain processes images 60,000 times faster than text.

True

The co-occurrence grouping data approach is associated with predictive analytics.

True

The profiling data approach is associated with diagnostic analytics.

True

True or false: When extracting data yourself, you should consider identifying the tables that contain the information you need.

True

Which of the following is not a step for validating the data for completeness and integrity?

Which of the following is not a step for validating the data for completeness and integrity?

Clustering is an unsupervised method that is used to find ... of similar data elements and the underlying relationships of those groups.

groups

Nominal data and ordinal data are examples of ... data

qualitative

A UML Class Diagram is used to support and design a ... database

relational

The four benefits of storing data in a relational database are completeness of data, no redundant data, business ... are enforced, and communication and integration of business processes.

rules

What is the purpose of Data Reduction?

To reduce the amount of detailed information considered to focus on the most interesting or abnormal items.

Which of the following is not one of the means of cleaning the data after extraction and validation?

Load the data into the software program in preparation for analysis

Data that has a meaningful difference between data points is considered

quantitative data.

Structured data is stored in a database or spreadsheet and are readily

searchable

Since it is possible that some data might can be lost during the extraction process, it is critical to ensure

that the extracted data are complete

What is XBRL used for?

to facilitate the exchange of financial reporting information between a company and the SEC.

Data analytics are only as important and effective as we can communicate to make the data

understandable

Clustering is a/an ... method that is used to find natural groupings within the data.

unsupervised

Knowing the mean and standard deviation, and assuming a normal distribution, one can compute which statistic that can be used to identify abnormal transactions?

z-score

Any transaction that has a Z-score of ______ or above would represent abnormal transactions.

3

The extraction process requires two steps. Step 2 is obtaining the:

data

The main difference between interval data and ratio data is that ratio data have a meaningful ______ but interval data do not.

0

Which of the following is an accurate description of the Audit Data Standards?

A guide for standardizing the way in which data are provided to auditors.

What types of analytics summarizes existing data to determine past performance?

Descriptive analytics

After you have identified the objects or activity you wish to profile, what should you do next?

Determine the types of profiling you want to perform.

Which of the following steps is completed during the Communicate Results stage of the IMPACT model?

Determining if you are explaining the results of previously done analysis, or if you are exploring the data through the visualization.

What is a data dictionary useful for?

It helps database administrators maintain databases.

Which of the following is true regarding the profiling approach?

It is generally performed on data that is readily available.

What is a benefit of storing data in a relational database?

It maintains "one version of the truth" across multiple data elements.

Which of the following is true regarding the Data Reduction approach?

It primarily uses structured data that is readily searchable.

When you need to retrieve data that is stored in more than one table, which type of clause should you use in your SQL query?

Join

______ might be used to identify areas where there is a lack of controls, changes in procedures, or individuals more willing to spend excessively in potential types of T&E expenses which might be associated with higher risk.

Profiling

Which of the following options are possible answers to the question 'What type of data are being analyzed'?

Quantitative and Qualitative

______ data are considered the most sophisticated type of data.

Ratio

What is the purpose of profiling?

To gain an understanding of a typical behavior of an individual, group, population, or sample.

What is the purpose of clustering?

To identify groups of similar data elements and the underlying relationship of these groups.

What is the purpose of a data request form?

To make communication easier between data requester and provider.

Profiling is a/an ... analytics method that is used to discover patterns of behavior, based on the distance of z-scores from the mean.

diagnostic

Variance analysis, a common practice in management accounting, is an example of ... analytics

diagnostic

Classification predicts a class for a new observation based on the ... identification of classes from previous observations.

manual

Profiling is used to discover ... of behavior, based on the distance of z-scores from the mean.

patterns

In the profiling example regarding T&E Expenses, which of the following is NOT one of the areas that the analyst would try to uncover?

significant variances in standard cost

Benford's law states that in many naturally occurring collections of numbers, the significant leading digit is likely to be

small

Place the five steps of the ETL process in order:

1. Determine the Purpose and Scope of the Data Request 2. Obtain the Data 3. Validate the Data for Completeness and Integrity 4. Clean the Data 5. Load the Data for Data Analysis

Place the steps of Data Reduction in order:

1. Identify the attribute you would like to reduce or focus on 2. Filter the results 3. Interpret the results 4. Follow up on the results

Place the steps of profiling in order, from 1 through 5.

1. Identify the objects or activity you want to profile 2. Determine the types of profiling you want to perform 3. Set boundaries or thresholds for the activity 4. Interpret the results and monitor the activity and/or generate a list of exceptions 5. Follow up on exceptions

Click and drag on elements in order SQL can extract data from two related tables. Place the following lines of SQL code in order to create a query that would retrieve all of the data from the Sales_Subset and the Customer tables.

1. SELECT 2. FROM Customer 3. INNER JOIN Sales_Subset 4. ON Customer.CustomerID = Sales_Subset.Customer_ID

What is the name of an information system that integrates applications through the business into one system?

Enterprise Resource Planning

Which of the following options are possible answers to the question 'Are you explaining the results of previously done analysis, or are you exploring the data through the visualization?

Exploratory and Declarative

While SQL can be used to create, update, and delete records, data analytics focuses on doing which of the following with SQL?

Extracting data

A Data Dictionary will be more robust and will have more attributes to keep track of for a dataset stored as a flat file.

False

According to a 2018 Forbes study, sixty percent of users prefer visualizations over written content.

False

Diagnostic analytics forecast future performance.

False

True or false: When clustering works well, observations within a cluster should be different, and the data across clusters should be very similar.

False

After you have identified the attribute you would like to reduce or focus on, what is the next step?

Filter the results.

Which analytics type works to identify the best possible options given constraints or changing conditions?

Prescriptive analytics

Which type of attribute is required in each table in a normalized, relational database?

Primary Key

Which of the following data approaches are associated with diagnostic analytics?

Profiling

XBRL is used to facilitate the exchange of financial reporting information between the company and the

Securities and Exchange Commission

In the example of profiling for management accounting regarding Advanced Environmental Recycling Technologies, what are they looking for significant variances in?

Standard Cost

Classification is a method that can be used to predict the ... for a new observation.

category or class

Using a ... model, you can predict whether a new vendor belongs to one class or another based on the behavior of others.

classification

All of the following are considered to be steps for validating the data after extraction except the following:

clean leading zeroes and nonprintable characters

When obtaining the data yourself, one of the best tools to use to identify the tables that you could use would be a ... dictionary

data

Data that are represented by whole numbers, like points in a game, are considered

discrete data.

A specific type of data profiling that is used to look for correspondences between portions, or segments, of text for potential matches is called ... match

fuzzy

With ______ data the number 0 is just another value on a scale and has no special meaning.

interval

Step 5 of the ETL process is:

loading the data for analysis