Question 1

Segregation of duties suggests separating all of the following from each other except:

Accepted Answer

A)  Custody of assets 
B)  Authorization of the use of the assets 
C)  Recordkeeping 
D)  Use of the assets 
A)  Custody of assets 
B)  Authorization of the use of the assets 
C)  Recordkeeping 
D)  Use of the assets

Question 2

If the data analyst hypothesizes that grocery sales are higher when payment is made using credit cards compared to cash payment, the null hypothesis would likely state that grocery sales are lower when payment is made using credit cards compared to cash payment.

Accepted Answer

A) True 
 B)False

Question 3

Where would the company likely get data evaluating the customer with the highest dollar amount of orders in the past month?

Accepted Answer

A)  Customer relationship management system 
B)  Accounting system 
C)  Human resources system 
D)  Supply chain system 
A)  Customer relationship management system 
B)  Accounting system 
C)  Human resources system 
D)  Supply chain system

Question 4

Testing using fuzzy matching is an example of which type of diagnostic analytics?

Accepted Answer

A)  Identifying anomalies and outliers 
B)  Finding previously unknown linkages, patterns, or relationships between variables 
C)  Performing marginal analysis 
D)  Performing descriptive analytics 
A)  Identifying anomalies and outliers 
B)  Finding previously unknown linkages, patterns, or relationships between variables 
C)  Performing marginal analysis 
D)  Performing descriptive analytics

Question 5

Analyzing relationships between vendors and A/P clerks to find potentially fraudulent relationships is an example of what type of diagnostic analytics?

Accepted Answer

A)  Identifying anomalies and outliers 
B)  Finding previously unknown linkages, patterns, or relationships between variables 
C)  Performing marginal analysis 
D)  Performing descriptive analytics 
A)  Identifying anomalies and outliers 
B)  Finding previously unknown linkages, patterns, or relationships between variables 
C)  Performing marginal analysis 
D)  Performing descriptive analytics

Question 6

According to Benford's law, what is the expectation for the percentage of times that the first digit of a number is the number "1"?

Accepted Answer

A)  15.12% 
B)  24.58% 
C)  35.80% 
D)  30.10% 
A)  15.12% 
B)  24.58% 
C)  35.80% 
D)  30.10%

Question 7

The saying "Half the money I spend on advertising is wasted; the trouble is I don't know which half", illustrates the problem with knowing precisely how much value accrues from advertising expenses to sales or the value of the firm.

Accepted Answer

A) True 
 B)False

Question 8

In fuzzy matching, if the tolerance for a match is set to 0%, what is the likely consequence for finding potential matches?

Accepted Answer

A)  Too many potential matches 
B)  Only exactly matches, no potential matches 
C)  Good mix between exact and potential matches 
D)  Too few potential matches 
A)  Too many potential matches 
B)  Only exactly matches, no potential matches 
C)  Good mix between exact and potential matches 
D)  Too few potential matches

Question 9

Benford's law follows the distribution:

Accepted Answer

A)  log 10(1 + (1/ d)), where d is each digit 1, 2, and so on 
B)  log 10(d + (1/ d)), where d is each digit 1, 2, and so on 
C)  ln 10(1 + (1/ d)), where d is each digit 1, 2, and so on 
D)  ln 10(d + (1/ d)), where d is each digit 1, 2, and so on 
A)  log 10(1 + (1/ d)), where d is each digit 1, 2, and so on 
B)  log 10(d + (1/ d)), where d is each digit 1, 2, and so on 
C)  ln 10(1 + (1/ d)), where d is each digit 1, 2, and so on 
D)  ln 10(d + (1/ d)), where d is each digit 1, 2, and so on

Question 10

The appropriate test to compare one sample to another sample to see if one is greater than another in some way is called a(n) __________.

Accepted Answer

A)  regression 
B)  two-sample t-test of a difference in means 
C)  one-sample t-test of a difference in means 
D)  chi-squared test of a difference in means 
A)  regression 
B)  two-sample t-test of a difference in means 
C)  one-sample t-test of a difference in means 
D)  chi-squared test of a difference in means

Segregation of duties suggests separating all of the following from each other except:

If the data analyst hypothesizes that grocery sales are higher when payment is made using credit cards compared to cash payment, the null hypothesis would likely state that grocery sales are lower when payment is made using credit cards compared to cash payment.

Where would the company likely get data evaluating the customer with the highest dollar amount of orders in the past month?

Testing using fuzzy matching is an example of which type of diagnostic analytics?

Analyzing relationships between vendors and A/P clerks to find potentially fraudulent relationships is an example of what type of diagnostic analytics?

According to Benford's law, what is the expectation for the percentage of times that the first digit of a number is the number "1"?

The saying "Half the money I spend on advertising is wasted; the trouble is I don't know which half", illustrates the problem with knowing precisely how much value accrues from advertising expenses to sales or the value of the firm.

In fuzzy matching, if the tolerance for a match is set to 0%, what is the likely consequence for finding potential matches?

Benford's law follows the distribution:

The appropriate test to compare one sample to another sample to see if one is greater than another in some way is called a(n) __________.

Using Data Analytics to Ask and Answer Accounting Questions

Master the Data: an Introduction to Accounting Data

Accounting Data Data Types and How They Are Used

Master the Data: Preparing Data for Analysis

Perform the Analysis: Types and Tools of Data Analyses

Perform the Analysis: Descriptive Analyses

Perform the Analysis: Predictive Analytics

Perform the Analysis: Prescriptive Analytics

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Exam 7: Perform the Analysis: Diagnostic Analyses

Segregation of duties suggests separating all of the following from each other except:

If the data analyst hypothesizes that grocery sales are higher when payment is made using credit cards compared to cash payment, the null hypothesis would likely state that grocery sales are lower when payment is made using credit cards compared to cash payment.

Where would the company likely get data evaluating the customer with the highest dollar amount of orders in the past month?

Testing using fuzzy matching is an example of which type of diagnostic analytics?

Analyzing relationships between vendors and A/P clerks to find potentially fraudulent relationships is an example of what type of diagnostic analytics?

According to Benford's law, what is the expectation for the percentage of times that the first digit of a number is the number "1"?

The saying "Half the money I spend on advertising is wasted; the trouble is I don't know which half", illustrates the problem with knowing precisely how much value accrues from advertising expenses to sales or the value of the firm.

In fuzzy matching, if the tolerance for a match is set to 0%, what is the likely consequence for finding potential matches?

Benford's law follows the distribution:

The appropriate test to compare one sample to another sample to see if one is greater than another in some way is called a(n) __________.

Using Data Analytics to Ask and Answer Accounting Questions

Master the Data: an Introduction to Accounting Data

Accounting Data Data Types and How They Are Used

Master the Data: Preparing Data for Analysis

Perform the Analysis: Types and Tools of Data Analyses

Perform the Analysis: Descriptive Analyses

Perform the Analysis: Predictive Analytics

Perform the Analysis: Prescriptive Analytics

Share the Story

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