Exam 7: Perform the Analysis: Diagnostic Analyses

Diagnostic analytics is broken down into all except for which of the following broad categories?

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 usage of raw materials unexpectedly decreases below the standard quantity used?

A realistic expectation an accountant could hold is that each transaction (e.g., cash receipt or cash disbursement) is dependent on any other similar transaction.

Which of the following can potentially find a transaction that is recorded twice?

Performing a bank reconciliation is example of the diagnostic analytics of __________.

__________ is used to help find customers that might have a similar address or name as employees.

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

Evaluating the relationship between R&D expenditures and net income is an example of the diagnostic analytics of __________.

If the p-value of the chi-square test is __________ than the α (alpha) threshold, we could conclude that the observed relationship is __________ than that expected from Benford's law.

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 unplanned overtime is required to complete the job?

According to Benford's law, which one of these first digits have a lower probability of occurrence than the first digit "5"?

Diagnostic analytics addresses which of the following questions?

Commitment to prior investments escalates and makes it harder to abandon prior investments even if it may not make rational sense is called __________ .

Analysis regarding the most profitable customer is an example of diagnostic analytics.

In a bank reconciliation, outstanding checks are recorded by the __________, but not yet by the __________.

If the data analyst hypothesizes that grocery sales are higher on Sunday than on other days, the null hypothesis would likely state that:

Analytics of the inventory item that produces the most profit is an example of the diagnostic analytics of __________.

The importance of understanding the root cause of an outlier is to

Analyzing the sales journal to find the most profitable product sold is an example of what type of diagnostic analytics?

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?