Advanced Spreadsheet Exam 1
Interval Data
0 is just another number (temperature in US)
The trend line in your chart should take up to _______% of the chart.
66%
Asking questions like "Are our customers paying us in a timely manner" would be the first step in which of the following processes?
IMPACT cycle
IMPACT Cycle
Identify questions Master Data Perform test plan Address and refine results Communicate insight Track outcomes
Which approach to Data Analytics attempts to predict relationship between two data items?
Link prediction
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 are considered the most sophisticated type of data.
Ratio
__________ data would be considered the most sophisticated type of data.
Ratio
What type of database are you most likely to come across when extracting and using accounting and financial data?
Relational
By the year 2020, about 1.7 megabytes of new information will be created every:
Second.
Which approach to Data Analytics attempts to identify similar individuals based on data known about them?
Similarity matching
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
Foreign Key
attribute that points to a primary key in another table
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, transparency and accuracy of the audit
A target is an expected attribute or value that you want to ________
evaluate
Steps of classification into order
- Identify the classes you wish to predict - manually classify an existing set of records - select a set of classification models - divide your data into training and testing sets - generate your model - interpret the results and select the "best" model
elements in order
- identify the object or activity you want to profile - determine the types of profiling you want to preform - set boundaries or thresholds for the activity - interpret the results and monitor the activity and/or generate a list of exceptions - follow up on exceptions
In the example provided in the text regarding employee turnover, the analyst is trying to predict employee turnover based on current professional salaries, health of the economy (GDP), and salaries offered by other accounting firms. In this scenario, select the explanatory variable(s).
- salaries offered by other accounting firms - current professional salaries - health of the economy
ETL Process
-Determine the Purpose and Scope of the Data Request -obtain the data -validate the data for completeness and integrity -clean the data -load the data for data analysis
According to the text, cleaning the data takes between ____ and ____ percent of data analytic professional's time.
50; 90
What is a common difference between a bar chart and a pie chart?
A bar chart can easily show comparisons, where a pie chart cannot.
Which of the following is an accurate description of the Audit Data Standards?
A guide for formatting the way in which data are provided to auditors.
Select the correct definition of class.
A manually assigned category applied to a record based on an event.
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
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
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
Revising and refining your testing are in what stage of the IMPACT model?
Address and refine results
Which of the following is not a benefit of storing data in a relational database?
All of the data is stored in the same table
When determining the data scale, which of the following decisions is relevant?
Are there outliers? Will the data be skewed? What is the context?
_____ is an observation about the frequency of leading digits in many real-life sets of numerical data.
Benford's law
An observation about the frequency of leading digits in many real-life sets of numerical data is called:
Benford's law.
Data sets that are too large and complex for businesses' existing systems to handle are called
Big Data
Which of the following is an example of discrete data?
Birth date
Which of the following visualizations is useful for showing the purchasing amounts of different groups of customers?
Box and whisker plot
Qualitative Data
Categorical - nominal and ordinary
Decision Boundaries
Choice, a technique used to mark the split between one class and another a technique used to mark the split between one class and another
Which approach to Data Analytics attempts to assign each unit in a population into a small set of classes (or groups) where the unit best fits?
Classification
Which approach to data analytics attempts to assign each unit in a population into a small set of classes where the unit belongs?
Classification
As mentioned in the chapter, which of the following is not a common way that data will need to be cleaned after extraction and validation?
Clean up trailing zeroes.
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
Which testing approach would be considered to be an attempt to discover associations between individuals based on transactions involving them?
Co-occurrence Grouping
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
Data Visualization would be part of which step of the IMPACT cycle?
Communicate Insights
Deciding whether to use declarative and exploratory visualizations fit in which phase of the IMPACT model?
Communicate Results
Once the data has been analyzed and the results have been refined, what is the next step in the IMPACT cycle?
Communicate insights
Which of the following is not a step for validating the data for completeness and integrity?
Creating a visualization that describes the data that was extracted in order to communicate the results of the test plan
In the example regarding the LendingClub data in which the analyst is researching loan rejection, they identified three possible indicators for why a loan would be rejected, the debt-to-income ratio, length of employment, and credit [risk] score. Which of the following is/are the explanatory variable(s)?
Credit [risk] score Debt-to-income ratio Length of employment
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
Which would not be considered as one of the seven skills that analytic-minded accountants should have?
Data description Become a data scientist
The metadata that describes each attribute in a database is which of the following?
Data dictionary
Which of these terms is defined as being a central repository of descriptions for all of the data attributes of the dataset?
Data dictionary
_____ are used to make communication easier between the data requester and the data provider.
Data request forms
__________ mark the split between one class and another.
Decision boundaries
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?
Declarative Exploratory
What are attributes that exist in a relational database that are neither primary nor foreign keys?
Descriptive attributes
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 is not one of the considerations for determining the purpose and scope of the data request?
Determining how the data will be cleaned.
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.
When is a primary key required?
Every table in a relational database requires a primary key.
While SQL can be used to create, update, and delete records, we will focus on doing which of the following with SQL?
Extracting data
What type of information would be useful to communicate a data analysis project to a programmer or database administrator?
Extraction, transforming, and loading details
True or false: Classification requires that we know a great deal about the observation that we're attempting to place in a class.
False
True or false: Data analytics involves only the analysis of unstructured data.
False
True or false: Data visualizations are just for "visual" learners.
False
True or false: Pie charts are most useful for numerical data.
False
True or false: When clustering works well, observations within a segment should be different, and the data across segments should be very similar.
False
Which of the following visualizations is useful for showing the relative spending of customers in different locations?
Filled geographic map
After you have identified the attribute you would like to reduce or focus on, what is the next step?
Filter the results.
In which format do analysts typically prefer to analyze data?
Flat file (such as Excel)
Which type of attribute is required to facilitate a relationship between two tables in a normalized, relational database?
Foreign Key
_____ looks for similarities between portions, or segments, of the text of each potential match.
Fuzzy match
Which of the following common visualizations is most useful for showing the relative size of a value by using a color scale.
Heat map
Due to its iterative nature, what comes next in the iterative IMPACT cycle after outcomes are tracked?
Identify the questions
Which of the following is not one of the considerations for obtaining the data?
Identifying any risks that exist in data integrity, as well as the mitigation plan.
___________________ data might be used to address many of the questions facing financial reporting.
Internal and external
What type of information would be useful to communicate a data analysis project to a manager?
Interpretation of results and visualization
Why is Supplier ID considered to be a primary key for a Supplier table?
It contains a unique identifier for each supplier.
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
Which of the following visualizations is useful for showing the change in stock price over time?
Line chart
Which of these charts does not do a good job visually representing qualitative data?
Line graph
What is the terminology for the items that are useful for ranking observations rather than simply predicting class probability?
Linear classifiers
Which approach to data analytics attempts to predict a relationship between two data items?
Link prediction
In the example regarding the LendingClub data in which the analyst is researching loan rejection, they identified three possible indicators for why a loan would be rejected, the debt-to-income ratio, length of employment, and credit [risk] score. Which is the response variable?
Loan rejection
_____ include both unsupervised exploratory analysis and supervised model generation to provide insight and predictive foresight into the business and decisions made by accountants and auditors.
Machine learning and artificial intelligence
After you have identified the classes you wish to predict, what is the next step?
Manually classify an existing set of records.
ETL (Extraction, Transformation and Loading) would be an example of which step in the IMPACT cycle?
Master the Data
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
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
__________ data include data that contains simple data such as categories, gender, or ethnic group.
Nominal
__________ data would be considered the least sophisticated type of data.
Nominal
The advantages of storing data in a relational database include which of the following? Option A - Help in enforcing business rules Option B - Increased information redundancy Option C - Integrating business processes
Only Option A and Option C.
If the rank or order of the data matters, what kind of data are you working with?
Ordinal data
__________________ discovered from past archives enable business to identify opportunities and risks and better plan for the future.
Patterns
Which type of attribute is required in each table in a normalized, relational database?
Primary Key
Purchase Order Number Date Supplier ID
Primary Key Descriptive Attribute Foreign key
Which attribute is required to exist in each table of a relational database and serves as the "unique identifier" for each record in a table?
Primary key
_____ 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
What is the terminology for removing branches from a decision tree to avoid overfitting the model?
Pruning
Which of the following options are possible answers to the question 'What type of data are being analyzed'?
Qualitative Quantitative
Line charts are not recommended for what type of data?
Qualitative data
Which of the following visualizations is useful for showing the relationship between income and spending?
Scatter plot
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.
Select * FROM customer Inner join sales subset On customer ID
Which testing approach would be considered to be an attempt to identify similar individuals based on data known about them?
Similarity Matching
In the late 1960s, Ed Altman developed a model to predict if a company was at severe risk of going bankrupt. He called his statistic Altman's Z-score, now a widely used score in finance. Based on the name of the statistic, which statistical distribution would you guess this came from?
Standardized normal distribution
__________ is a discriminating classifier that is defined by a separating hyperplane that works first to find the widest margin (or biggest pipe) and then works to find the middle line.
Support vector machines
Which of the following common visualizations is most useful for showing geographic areas?
Symbol map
__________ is a set of data used to assess the degree and strength of a predicted relationship.
Test data
When you need to extract data from more than one table in a SQL query, what do you need to identify in order to properly join the tables?
The two fields that the tables have in common.
What is the purpose of profiling?
To gain an understanding of a typical behavior of an individual, group, population, or sample.
Which of the following is a good use of exploratory visualizations?
To identify an appropriate model
What is the purpose of clustering?
To identify groups of similar data elements and the underlying drivers of these groups.
What is the purpose of a data request form?
To make communication easier between data requester and provider.
What is the purpose of classification?
To predict which class an observation that we know little about will belong to.
Which of the following is a reason to use a declarative visualization?
To prompt conversation and debate
________ data are existing data that have been manually evaluated and assigned a class. _________ data are existing data used to evaluate the model.
Training Test
In the following question, what would be the target? Given a set of customer data, we are trying to predict the total transaction amount based on a variety of attributes.
Transaction amount
True or false: Comparing the number of records extracted to the number of records in the source database is a means of validating the data for completeness and integrity.
True
True or false: Data Analytics can impact Financial Accounting by helping evaluate estimates and valuations.
True
True or false: Exploratory visualization aligns with performing the test plan, gaining insights while you are interacting with the data.
True
True or false: When there are many categories, it may make sense to use a rank-ordered bar chart rather than a pie chart.
True
Which of the following is an example of continuous data?
Turnover ratio
The 3 V's describing Big Data include: Velocity, Variety and ________________.
Volume
Which of the following common visualizations is most useful for showing the frequency of words in a document?
Word cloud
A _________ is used to convert the mean of a distribution to 0 and 1 for each standard deviation.
Z-score
Composite key
a combination of 2 foreign keys used for lime items
Decision Tree
a tool that is used to divide data into smaller groups a tool that is used to divide data into smaller groups
Financial accounting often has challenges with valuation and estimation in all but the following area:
accounts payable
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, transparency, and ____________ of the audit.
accuracy
Charts for quantitative data
all of the above except word clouds line charts box and whisker plots scatter plots filled geographic maps
When revising your data analysis plan and communications, it is always a good idea to
ask others to read your writing and make sure it is clear.
Visualizations should help ______.
avoid bias. share information in a clear, concise manner. minimize distractions.
Data sets that are too large and complex for businesses' existing systems to handle are called _______________.
big data
Continuous Data
can take on any value within a range (4.5 feet)
Financial accounting often has challenges with valuation and estimates in all but the following area:
cash
A class is a manually assigned _____________ applied to a record based on an event.
category or group
Classification is a method that can be used to predict the ________ of a new observation.
class or category
An attempt to assign each unit (or individual) in a population into a few categories would be called the _____________ approach.
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
The purpose of comparing the number of records and descriptive statistics for numeric fields is to ensure that the data were extracted _________.
completely
When evaluating classifiers, you need to be careful to strike a balance between what two things?
complexity of the model and accuracy of the classification
Data that are represented by values within a range and include decimals, such as measurements in inches, are considered.
continuous data.
The number 4.67 is an example of a _____ data point.
continuous or quantitative
ordinary data
counted and categorized like nominal but can be ranked
The extraction process requires two steps. One of the steps is obtaining the __________.
data
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
The firm practice of monitoring competitors, customers and suppliers to better understand its opportunities and threats is called __________.
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, forecasting future demand and supply and so on.
data analytics
Ratio data
data set reaches 0, it is meaningful of the "absence" of 0 - ex $
Discrete Data
data that represented by the whole number's - ex points in football games
A(n) _____ visualization is used to present findings to an audience.
declarative
Excel is more useful than Tableau if your data analysis project is more _______________.
declarative.
Variance analysis, a common practice in management accounting, is an example of _____ analytics.
diagnostic
As Justin Zobel says in Writing for Computer Science, "good style for science is ultimately, nothing more than writing that is easy to understand. [It should be] clear, unambiguous, correct, interesting, and ___________.
direct
A(n) _____ visualization is used to gain insights while you are interacting with the data.
egain insights whil
In the example provided in the text regarding employee turnover, the analyst is trying to predict employee turnover based on current professional salaries, health of the economy (GDP), and salaries offered by other accounting firms. In this scenario, what is the response variable?
employee turnover
Training Data matches
existing data that have been manually evaluated and assigned a class
Test Data
existing data used to evaluate the model
According to Exhibit 4.3, interactive charts would generally be considered to be ______________ in nature.
exploratory
Mastering the data can also be described via the ETL process. The ETL process stands for:
extract, transform, and load 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
Clustering is an unsupervised method that is used to find natural ________ within the data.
groupings, categories, groups, or similarities
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
Which of the following describes part of the goal of the ETL process:
identify and obtain the data needed for solving the problem.
Descriptive attributes
include everything else
Quantitative data are most easily expressed as ____________ data.
interval
The Fahrenheit scale of temperature measurement would best be described as an example of:
interval data.
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)
Identifying trends over time is best visualized in a _____.
line chart
Quantitative Data
made up of observations that are numerical and con be counted and ranked and averaged - ratio, interval, and continuous
Classification predicts a class for a new observation based on the ____________ identification of classes from previous observations.
manual
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
Gold, silver, and bronze medals would be examples of:
ordinal data.
Generally the more complex and complete the model, the higher degree of the model _____ the data.
overfitting
In general, the more complex the model, the greater the chance of:
overfitting the data.
Charts for Qualitative Data
pie chart, bar graph stacked bar chart tree maps and heat maps symbol maps word clouds
Machine learning, artificial intelligence and decision support systems are all examples of _____ analytics.
prescriptive
Decision support systems are an example of _____.
prescriptive analytics
The extraction process requires two steps. One of the steps is determining the _________ and __________ of the data request.
purpose scope
Nominal data and ordinal data are examples of _____ data.
qualitative
According to Exhibit 4.3, conventional and static charts would be considered to be declarative and ____________.
quantitative
Data that has a meaningful difference between data points is considered
quantitative data.
Qualitative data are most easily expressed as ____________ data.
ratio
With _______ data the number 0 means that the item is now missing or absent.
ratio
The four benefits of storing data in a relational database are completeness of data, no __________ data, business rules are enforced, and communication and integration of business processes.
redundant
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 UML Class Diagram is used to support and design a _________ database.
relational
Traditional audit approaches tested data _____________ of the transactions; in contrast, audits that fully integrates big data and analytics will test the full _______________ of data.
sample; population
Structured data is stored in a database or spreadsheet and are readily ___________.
searchable
nominal data
simple form, but cant rank it - ex. hair color, gender
Data visualization can be used with _____ data to make the results easier to interpret.
small big
In a significant paradigm shift, data analytics will allow auditors to:
stay engaged with clients beyond the audit
Data that are organized and reside in a fixed field with a record or a file are generally contained in a relational database or spreadsheet and are readily searchable by search algorithms. The term matching this definition is:
structured data.
A/an ________ approach is used when you are performing analysis that uses historical data to predict a future outcome based on a specific question.
supervised
Models associated with regression and classification data approaches have all except this important part:
test data.
Justin Zobel suggests that revising your writing requires you to "be egoless—ready to dislike anything you have previously written," suggesting that it is __________ you need to please.
the reader
What is XBRL used for?
to facilitate the exchange of financial reporting information between a company and the SEC.
The purpose of transforming data is:
to validate the data for completeness and integrity.
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, __________, and accuracy of the audit.
transparency
A decision _________ is a tool used to divide data into smaller groups. Decision ________ is a technique used to mark the split between one class and another.
tree or trees boundaries or boundary
McKinsey Global Institute estimates that Data Analytics could generate up to $3 _____ in value each year.
trillion
In general, the simpler the model, the greater the chance of:
underfitting the data.
Primary key
unique identifier
Profiling is a/an _______ method that is used to discover patterns of behavior, based on the distance of z-scores from the mean.
unsupervised
As part of mastering the data, data analysts perform data ________________ to provide a sense of the reliability of the data.
validation and completeness testing
Big Data is often described by the three Vs, or
volume, velocity, and variety
Using a classification model, you can predict ___________ a new vendor belongs to one class or another based on the behavior of others.
whether
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