accounting analytics ch.1-2

An announcement of a new CEO would most likely be reported on which SEC form?

8-K

Which component of the AMPS model most appropriately addresses the axiom, "Your data won't speak unless you ask it the right data analytics questions"?

Ask the Question

"Ask the Right Question" is one of the desired skills for accounting professionals, consistent with EY's "The Analytics Mindset". T/F

False

A _____ might be used to evaluate which journal entries are outliers.

Histogram

An information system for managing all interactions with current and potential employees is called a(n) _____ .

Human Resource Management System

Which system would be used to manage the hiring process for all potential employees?

Human Resource Management System

A visualization may be used to help with which component of the AMPS model?

Share the Story

Which component of the AMPS model most appropriately addresses the question of the best way to communicate data analytics findings with a decision maker?

Share the Story

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

True

There is more social media data than financial statement data available T/F

True

If there were fake news presented by someone trying to sway an opinion (or a vote), that would bring into question which aspect of Big Data?

Veracity

What type of question is determining how much a company paid for state and federal income tax?

What happened? What is happening?

What type of question is choosing to take certain tax deductions based on the way managers believe tax legislation will change in the near future?

What should we do based on what we expect will happen? How do we optimize our performance based on potential constraints?

What type of question is finding the detail to more clearly understand why net income is decreasing when revenues are increasing?

Why did it happen? What are the root causes of past results?

What type of question is predicting whether a company will go bankrupt in the coming two years?

Will it happen in the future? Wha tis the probability something will happen? Is it forecastable?

A business report that allows an easy, automated exchange between a financial statement repository and a financial statement user is possible using _______.

XBRL

What is the computer-based standard used to define and exchange financial information from financial statements preparers to financial statement users?

XBRL

The biggest difference between a 10-K and a 10-Q is the _______ disclosure.

frequency of

The _____ summarizes all of the journal entries which forms the basis for the financial statements.

general ledger

The chapter suggested that _______ be used to help evaluate inventory obsolescence and the lower of cost or net realizable value of inventory.

product reviews

A _____ is used to access data from a larger dataset needed for analysis.

query or macro

what is the lowest level of skills in Bloom's Taxonmy?

remember

What would be most likely to be disclosed in an 8-K filing to the SEC?

change in auditor

There are really very few opportunities to have a question-and-answer session with the CEO of a company and have it recorded for others to use. However, _______ of such an interactive question-and-answer session that is fairly widely available to all interested parties.

conference call transcript

what is the highest level of skills in Bloom's Taxonomy?

create

Whereas _______ would generally be considered to structured data, _______ would generally be considered to be unstructured data.

financial statements; product reviews

EDGAR, the SEC repository of SEC forms, stands for _______.

Electronic Data Gathering, Analysis and Retrieval system