Chapter 1

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

Becoming a data scientist

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

Communicate

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 first step in the IMPACT cycle is:

Identify the question

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

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

Ability to house huge data sets Data description

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

Which data approach attempts to assign each unit in a population into a small set of classes (or groups) where the unit best fits?

Classification

Which skills were not emphasized that analytic-minded accountants should have?

Classification of test approaches

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

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

Data Analytics

In which areas were skills not emphasized for analytic-minded accountants?

Data and systems analysis and design

Which of these terms is defined as being a central repository of descriptions for all of the data attributes of the dataset?

Data dictionary

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

Determining the cost of each job.

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

False

______ data might be used to address many of the questions facing financial reporting.

Internal and external

Which data approach attempts to predict connections between two data items?

Link prediction

Which data approach attempts to identify similar individuals based on data known about them?

Similarity matching

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

Track outcomes

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

McKinsey Global Institute estimates that Data Analytics could generate up to $2 ______ in value each year.

trillion

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

True

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

True

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

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

anomalies which are anticipated

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

classification

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

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)

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

minimize the amount of taxes paid

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

regression

Big Data is often described by the four Vs, or

volume, velocity, veracity, and variety.