Accounting Analytics Quizzes

A data map is a centralized repository of information about data containing a separate record for each field/variable in the database. True False

False

It is possible to input raw data within Tableau. True False

False

The process of changing the values in various input cells to see how they might affect the output is called foregone costs. True False

False

Whether the investment returns arrive in year 1 versus year 2 will not make a difference on the calculation of net present value. True False

False

Forecasting sales for budget purposes is an example of which type of predictive analytics? Time Series Regression Classification Fuzzy Matching

Time series

In vertical analysis, the relevant base for long-term debt is which of the following? Sales Revenue Total Assets Total Equity Total Liabilities

Total Assets

"Ask the Right Question" is one of the desired skills for accounting professionals, consistent with EY's "The Analytics Mindset". True False

True

"Create" is the highest skill in Bloom's Taxonomy. True False

True

"What should we do based on what we expect will happen?" is investigated using Prescriptive Analytics. True False

True

A realistic expectation an accountant could hold is that addresses of the company vendors are not similar to that of the company employees. True False

True

According to the AMPS model, the analyst should know the question they are trying to address before considering and accessing available data. True False

True

Department stores have faster asset turnover than airline companies. True False

True

Descriptive statistics are analytics that characterize, summarize, and organize features and properties of the data to facilitate understanding. True False

True

Optimization is most closely associated with prescriptive analytics. True False

True

Ratio data has an absolute zero. True False

True

Standard cost is an estimated, or expected, cost of producing a good or service used in management accounting. True False

True

The balance in the cash account is deterministic as compared to being probabilistic. True False

True

There is more social media data than financial statement data available. True False

True

Version control reduces the possibility of having more than one version of the data on different computers. True False

True

We would expect a positive (+) relationship between loan acceptance and employment length. True False

True

Which type of question does diagnostic analytics address? What happened? What should we do based on what we expect will happen? Why did it happen? Will it happen in the future?

Why did it happen?

The _____ summarizes all of the journal entries which forms the basis for the financial statements. Sales Journal General Ledger Special Journal General Journal

general ledger

The most common type of database model is the __________ database. hierarchical network relational star schema

hierarchical

What is the net present value for a $55,000 investment (−$55,000 in year zero) and cash inflows of $20,000 per year for years 1 through 4, using a 4% discount rate? 16,921.06 25,000 -25,000 -16921.06

$16,921.06

In any Excel functions that use rate (e.g. PMT, IRR, NPV), the correct way to enter a monthly rate when the annual interest rate is 4 percent is __________. .04 .04/12 4 4/12

0.04/12

If there are 6 transactions on 11/1, 3 transactions on 11/2 and 10 transactions on 11/3, what is the proportion of the 11/1 transactions to the total transactions that occur during the first three days of November? =19/6 =6/13 =6/19 =6/6

=6/19

Descriptive analytics of a return on market equity performed by researchers, __________ , provide examples of a possible anomaly right around zero that requires further analysis. Burgstahler and Dichev Deutch and Sensenbrenner Davis and Castro Buck and Jordan

Burgstahler and Dichev

What tool or technique is used to quantitatively analyze the relationship between and among multiple variables? Cross-Tabulations Time Series Histograms Descriptive Statistics

Cross-tabulations

EDGAR, the SEC repository of SEC forms, stands for _______. Electronic Data Gathering, Analysis Repository System Electronic Data Gathering, and Archive Retrieval System Electronic Data Gathering, Analysis and Retrieval System Electronic Data Gathering, Analysis Resource System

Electronic Data Gathering, Analysis and Retrieval system

Management accounting uses variance analysis to explain what and why something happened in the cost of producing products. It is done by comparing actual outcomes to expected, or standard, costs. What is the expectation when the price of raw materials unexpectedly decreases below the standard price? Unfavorable price variance Favorable price variance Unfavorable quantity variance Favorable quantity variance

Favorable price variance

Descriptive analytic measures of variability include all except which of the following? Minimums Maximums Standard Deviation Medians

Medians

What is an observation that lies outside its expected distribution? Outlier Unexpected Observation Fuzzy Matching Management by exception

Outlier

Diagnostic analytics is broken down into all except for which of the following broad categories? Identifying anomalies and outliers Performing drill-down detailed analytics Performing statistical analyses Performing descriptive analytics

Performing descriptive analytics

__________ is the repeatability of the financial statement variables (e.g., earnings, sales, cash flows) over time. Persistence Durability Continuity Repetitive Nature

Persistence

Which distribution is a probability distribution with a low mean and highly skewed to the right? Normal Distribution Poisson Distribution Level Distribution Uniform Distribution

Poisson distribution

Predictive analytics is useful for which type of analysis? Summarizing Data Finding Anomalies and Outliers Uncovering Patterns Regression Analysis

Regression analysis

A visualization may be used to help with which component of the AMPS model? Ask the Question Master the Data Perform the Analysis Share the Story

Share the Story

An information system for managing all interactions with current and potential employees is called a(n) _____ . Employee management system Human Resource management system Staff management reporting system Management information system

human resource management system

The __________ is the interest rate that makes the present value of cash inflows just equal to the present value of cash outflows. Net Present Value Internal Rate of Return Capital Budget Marginal Analysis

internal rate of return

When the source data used to create an Excel pivottable change, the pivottable will update __________. automatically only after the file is saved only when the pivottable is "refreshed" never, any change requires a new pivottable

only when the pivottable is "refreshed"

The third step of the AMPS model is _____. Ask the Question Master the Data Perform the Analysis Share the Story

perform the analysis

An example of unstructured data would include __________. names and addresses pictures financial statements product reviews

pictures

A _____ is used to access data from a larger dataset needed for analysis. pivottable query or macro visualization Benford's law analysis

query or macro

Earnings per share would be considered to be __________ data. ordinal nominal interval ratio

ratio

A row that corresponds to a unique instance of what is being described in the table is called a(n) __________. attribute field data point record

record