Exam 1: Data Analytics in Accounting and Business

While it is important for accountants to clearly articulate the business problem,drawing appropriate conclusions,based on the data,should be left to statisticians.

While accountants don't need to become data scientists,they must know how to do the following except?

Which of the following best describes the clustering approach to data analytics?

Which of the following best describes the co-occurrence grouping approach to data analytics?

Which of the following best describes the data analytics skill of descriptive data analysis?

Which of the following best describes the data analytics skill of data scrubbing and data preparation?

Which approach to data analytics attempts to assign each unit (or individual)in a population into a few categories?

By developing an analytics mindset,accountants will be able to recognize when and how data analytics can address business questions.

Which approach to data analytics attempts to predict a relationship between two data items?

Which approach to data analytics attempts to divide individuals into groups in a useful or meaningful way?

Data analysis through data manipulation is performing basic analysis to understand the quality of the underlying data and its ability to address the business question.

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

As more and more data is available,some would argue that the role of accounting is changing. While accountants don't need to become data scientists,they must develop a base level skill set.Whether they are the Director of Tax for Hewlett Packard or their external auditor,which basic skills are needed by an analytic-minded accountant?

Data normalization can reduce data redundancy and improve data integrity.

What is the regression approach? How might the regression approach be used in auditing?

Which of the following best describes the profiling approach to data analytics?

Which approach to data analytics attempts to characterize the typical behavior of an individual,group or population by generating summary statistics about the data?

List and describe the eight (8)different approaches to data analytics.

List and explain four (4)of the seven (7)data analytic skills needed by analytic-minded accountants:

Which of the following best describes the similarity matching approach to data analytics?