Question 1

What tool or technique is used to quantitatively analyze the relationship between and among multiple variables?

Accepted Answer

A)  Cross-tabulations 
B)  Time series 
C)  Histograms 
D)  Descriptive statistics 
A)  Cross-tabulations 
B)  Time series 
C)  Histograms 
D)  Descriptive statistics

Question 2

Which type of analytics will work to explain why the average effective tax rate changed?

Accepted Answer

A)  Descriptive analytics 
B)  Diagnostic analytics 
C)  Predictive analytics 
D)  Prescriptive analytics 
A)  Descriptive analytics 
B)  Diagnostic analytics 
C)  Predictive analytics 
D)  Prescriptive analytics

Question 3

A histogram is used to understand:

Accepted Answer

A)  the basic statistics, including the mean, standard deviation, minimums, and maximums of a data set. 
B)  the frequency of the data using a display of rectangles with area proportional to the underlying frequency of the data. 
C)  the relation between specific dependent variable values and independent variable inputs. 
D)  the probability of a statistical difference in means between either two independent samples or a paired sample through time. 
A)  the basic statistics, including the mean, standard deviation, minimums, and maximums of a data set. 
B)  the frequency of the data using a display of rectangles with area proportional to the underlying frequency of the data. 
C)  the relation between specific dependent variable values and independent variable inputs. 
D)  the probability of a statistical difference in means between either two independent samples or a paired sample through time.

Question 4

Classification is most closely associated with diagnostic analytics.

Accepted Answer

A) True 
 B)False

Question 5

If p-value of a statistical test is 0.04 and alpha is 0.10, you

Accepted Answer

A)  should reject the null hypothesis (i.e., significant result). 
B)  should fail to reject the null hypothesis (i.e., not significant result). 
C)  accept the alternate hypothesis. 
D)  have insufficient evidence to either reject or fail to reject the null hypothesis. 
A)  should reject the null hypothesis (i.e., significant result). 
B)  should fail to reject the null hypothesis (i.e., not significant result). 
C)  accept the alternate hypothesis. 
D)  have insufficient evidence to either reject or fail to reject the null hypothesis.

Question 6

According to the normal distribution, __________% of the data would fit within 2 standard deviations of the mean.

Accepted Answer

A)  68 
B)  99 
C)  95 
D)  99.7 
A)  68 
B)  99 
C)  95 
D)  99.7

Question 7

A __________ is a characteristic of a population.

Accepted Answer

A)  parameter 
B)  normal distribution 
C)  sample 
D)  descriptive statistics 
A)  parameter 
B)  normal distribution 
C)  sample 
D)  descriptive statistics

Question 8

A regression is used to understand:

Accepted Answer

A)  the basic statistics, including the mean, standard deviation, minimums, and maximums of a data set. 
B)  the frequency of the data using a display of rectangles with area proportional to the underlying frequency of the data. 
C)  the relation between specific dependent variable values and independent variable inputs. 
D)  the probability of a statistical difference in means between either two independent samples or a paired sample through time. 
A)  the basic statistics, including the mean, standard deviation, minimums, and maximums of a data set. 
B)  the frequency of the data using a display of rectangles with area proportional to the underlying frequency of the data. 
C)  the relation between specific dependent variable values and independent variable inputs. 
D)  the probability of a statistical difference in means between either two independent samples or a paired sample through time.

Question 9

What is the final step in the AMPS model?

Accepted Answer

A)  Share the Findings. 
B)  Sharpen the Story. 
C)  Share the Results. 
D)  Share the Story. 
A)  Share the Findings. 
B)  Sharpen the Story. 
C)  Share the Results. 
D)  Share the Story.

Question 10

If we run a regression where y (bankruptcy) = f (factors potentially predicting bankruptcy), what is the dependent variable?

Accepted Answer

A)  Factors potentially predicting bankruptcy 
B)  Bankruptcy 
C)  There are no dependent variables 
D)  Cannot be determined 
A)  Factors potentially predicting bankruptcy 
B)  Bankruptcy 
C)  There are no dependent variables 
D)  Cannot be determined

Question 11

If p-value of a statistical test is 0.09 and a 95% confidence interval, you

Accepted Answer

A)  should reject the null hypothesis (i.e., significant result). 
B)  should fail to reject the null hypothesis (i.e., not significant result). 
C)  accept the alternate hypothesis. 
D)  have insufficient evidence to either reject or fail to reject the null hypothesis. 
A)  should reject the null hypothesis (i.e., significant result). 
B)  should fail to reject the null hypothesis (i.e., not significant result). 
C)  accept the alternate hypothesis. 
D)  have insufficient evidence to either reject or fail to reject the null hypothesis.

Question 12

If p-value of a statistical test >= alpha threshold, you

Accepted Answer

A)  should reject the alternate hypothesis (i.e., significant result). 
B)  should fail to reject the null hypothesis (i.e., not significant result). 
C)  accept the null hypothesis. 
D)  have insufficient evidence to either reject or fail to reject the alternate hypothesis. 
A)  should reject the alternate hypothesis (i.e., significant result). 
B)  should fail to reject the null hypothesis (i.e., not significant result). 
C)  accept the null hypothesis. 
D)  have insufficient evidence to either reject or fail to reject the alternate hypothesis.

Question 13

If p-value of a statistical test is 0.09 and a 90% confidence interval, you

Accepted Answer

A)  should reject the null hypothesis (i.e., significant result). 
B)  should fail to reject the null hypothesis (i.e., not significant result). 
C)  accept the alternate hypothesis. 
D)  have insufficient evidence to either reject or fail to reject the null hypothesis. 
A)  should reject the null hypothesis (i.e., significant result). 
B)  should fail to reject the null hypothesis (i.e., not significant result). 
C)  accept the alternate hypothesis. 
D)  have insufficient evidence to either reject or fail to reject the null hypothesis.

Question 14

A correlation is used to understand:

Accepted Answer

A)  the probability of a difference in means between either two independent samples or a paired sample through time. 
B)  the basic statistics, including the mean, standard deviation, minimums, and maximums of a data set. 
C)  the frequency of the data using a display of rectangles with area proportional to the underlying frequency of the data. 
D)  the extent to which variables are related to each other. 
A)  the probability of a difference in means between either two independent samples or a paired sample through time. 
B)  the basic statistics, including the mean, standard deviation, minimums, and maximums of a data set. 
C)  the frequency of the data using a display of rectangles with area proportional to the underlying frequency of the data. 
D)  the extent to which variables are related to each other.

Question 15

What type of analytics would encompass creating Key Performance Indicators (KPI's) from the information reported in financial statements?

Accepted Answer

A)  Descriptive analytics 
B)  Diagnostic analytics 
C)  Predictive analytics 
D)  Prescriptive analytics 
A)  Descriptive analytics 
B)  Diagnostic analytics 
C)  Predictive analytics 
D)  Prescriptive analytics

Question 16

What type of analytics addresses questions of "Why did it happen?"?

Accepted Answer

A)  Descriptive analytics 
B)  Diagnostic analytics 
C)  Predictive analytics 
D)  Prescriptive analytics 
A)  Descriptive analytics 
B)  Diagnostic analytics 
C)  Predictive analytics 
D)  Prescriptive analytics

Question 17

An adjusted R-squared value of 0 represents no ability of the model to explain the dependent variable.

Accepted Answer

A) True 
 B)False

Question 18

Which type of question does prescriptive analytics address?

Accepted Answer

A)  What happened? 
B)  What should we do based on what we expect will happen? 
C)  Why did it happen? 
D)  Will it happen in the future? 
A)  What happened? 
B)  What should we do based on what we expect will happen? 
C)  Why did it happen? 
D)  Will it happen in the future?

Question 19

Which type of analytics will summarize how much the company paid in federal taxes last year?

Accepted Answer

A)  Descriptive analytics 
B)  Diagnostic analytics 
C)  Predictive analytics 
D)  Prescriptive analytics 
A)  Descriptive analytics 
B)  Diagnostic analytics 
C)  Predictive analytics 
D)  Prescriptive analytics

Question 20

Which type of question does diagnostic analytics address?

Accepted Answer

A)  What happened? 
B)  What should we do based on what we expect will happen? 
C)  Why did it happen? 
D)  Will it happen in the future? 
A)  What happened? 
B)  What should we do based on what we expect will happen? 
C)  Why did it happen? 
D)  Will it happen in the future?

What tool or technique is used to quantitatively analyze the relationship between and among multiple variables?

Which type of analytics will work to explain why the average effective tax rate changed?

A histogram is used to understand:

Classification is most closely associated with diagnostic analytics.

If p-value of a statistical test is 0.04 and alpha is 0.10, you

According to the normal distribution, __________% of the data would fit within 2 standard deviations of the mean.

A __________ is a characteristic of a population.

A regression is used to understand:

What is the final step in the AMPS model?

If we run a regression where y (bankruptcy) = f (factors potentially predicting bankruptcy), what is the dependent variable?

If p-value of a statistical test is 0.09 and a 95% confidence interval, you

If p-value of a statistical test >= alpha threshold, you

If p-value of a statistical test is 0.09 and a 90% confidence interval, you

A correlation is used to understand:

What type of analytics would encompass creating Key Performance Indicators (KPI's) from the information reported in financial statements?

What type of analytics addresses questions of "Why did it happen?"?

An adjusted R-squared value of 0 represents no ability of the model to explain the dependent variable.

Which type of question does prescriptive analytics address?

Which type of analytics will summarize how much the company paid in federal taxes last year?

Which type of question does diagnostic analytics address?

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: Descriptive Analyses

Perform the Analysis: Diagnostic Analyses

Perform the Analysis: Predictive Analytics

Perform the Analysis: Prescriptive Analytics

Share the Story

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Exam 5: Perform the Analysis: Types and Tools of Data Analyses

What tool or technique is used to quantitatively analyze the relationship between and among multiple variables?

Which type of analytics will work to explain why the average effective tax rate changed?

A histogram is used to understand:

Classification is most closely associated with diagnostic analytics.

If p-value of a statistical test is 0.04 and alpha is 0.10, you

According to the normal distribution, __________% of the data would fit within 2 standard deviations of the mean.

A __________ is a characteristic of a population.

A regression is used to understand:

What is the final step in the AMPS model?

If we run a regression where y (bankruptcy) = f (factors potentially predicting bankruptcy), what is the dependent variable?

If p-value of a statistical test is 0.09 and a 95% confidence interval, you

If p-value of a statistical test >= alpha threshold, you

If p-value of a statistical test is 0.09 and a 90% confidence interval, you

A correlation is used to understand:

What type of analytics would encompass creating Key Performance Indicators (KPI's) from the information reported in financial statements?

What type of analytics addresses questions of "Why did it happen?"?

An adjusted R-squared value of 0 represents no ability of the model to explain the dependent variable.

Which type of question does prescriptive analytics address?

Which type of analytics will summarize how much the company paid in federal taxes last year?

Which type of question does diagnostic analytics address?

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: Descriptive Analyses

Perform the Analysis: Diagnostic Analyses

Perform the Analysis: Predictive Analytics

Perform the Analysis: Prescriptive Analytics

Share the Story

Filters