Question 1

Which of the following best describes the data analytics skill of developing an analytics mindset?

Accepted Answer

A)  recognize when and how data analytics can address business questions 
B)  perform basic analysis to understand the quality of the underlying data and its ability to address the business question 
C)  recognize what is meant by data quality, be it completeness, reliability or validity 
D)  comprehend the process needed to clean and prepare the data before analysis 
A)  recognize when and how data analytics can address business questions 
B)  perform basic analysis to understand the quality of the underlying data and its ability to address the business question 
C)  recognize what is meant by data quality, be it completeness, reliability or validity 
D)  comprehend the process needed to clean and prepare the data before analysis

Question 2

Which of the following best describes the link prediction approach to data analytics?

Accepted Answer

A)  An attempt to characterize the typical behavior of an individual, group or population by generating summary statistics about the data. 
B)  An attempt to predict a relationship between two data items. 
C)  An attempt to reduce the amount of information that needs to be considered to focus on the most critical items. 
D)  An attempt to discover associations between individuals based on transactions involving them. 
A)  An attempt to characterize the typical behavior of an individual, group or population by generating summary statistics about the data. 
B)  An attempt to predict a relationship between two data items. 
C)  An attempt to reduce the amount of information that needs to be considered to focus on the most critical items. 
D)  An attempt to discover associations between individuals based on transactions involving them.

Question 3

The T in IMPACT Cycle represents Track Outcomes.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following best describes the data analytics skill of data quality?

Accepted Answer

A)  recognize what is meant by data quality, be it completeness, reliability or validity 
B)  perform basic analysis to understand the quality of the underlying data and its ability to address the business question 
C)  demonstrate the ability to sort, rearrange, merge, and reconfigure data in a manner that allows enhanced analysis 
D)  comprehend the process needed to clean and prepare the data before analysis 
A)  recognize what is meant by data quality, be it completeness, reliability or validity 
B)  perform basic analysis to understand the quality of the underlying data and its ability to address the business question 
C)  demonstrate the ability to sort, rearrange, merge, and reconfigure data in a manner that allows enhanced analysis 
D)  comprehend the process needed to clean and prepare the data before analysis

Question 5

Patterns discovered from ________ enable businesses to identify opportunities and risks in order to better plan for ________.

Accepted Answer

A)  past archives; the future 
B)  current data; the future 
C)  current data; today 
D)  past archives; today 
A)  past archives; the future 
B)  current data; the future 
C)  current data; today 
D)  past archives; today

Question 6

Which of the following best describes the data analytics skill of data visualization and data reporting?

Accepted Answer

A)  recognize when and how data analytics can address business questions 
B)  perform basic analysis to understand the quality of the underlying data and its ability to address the business question 
C)  recognize what is meant by data quality, be it completeness, reliability or validity 
D)  report results of analysis in an accessible way to each varied decision maker and their specific needs 
A)  recognize when and how data analytics can address business questions 
B)  perform basic analysis to understand the quality of the underlying data and its ability to address the business question 
C)  recognize what is meant by data quality, be it completeness, reliability or validity 
D)  report results of analysis in an accessible way to each varied decision maker and their specific needs

Question 7

Data analytics has the potential to transform the manner in which companies run their businesses; however,it is not practical in the near future.

Accepted Answer

A) True 
 B)False

Question 8

The M in IMPACT Cycle represents Master the Data.

Accepted Answer

A) True 
 B)False

Question 9

The process of data analytics aims to transform raw information into data to create value.

Accepted Answer

A) True 
 B)False

Question 10

Data analytics allows auditors to glean insights that are beneficial to the client,without breaching independence.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A)  An attempt to characterize the typical behavior of an individual, group or population by generating summary statistics about the data. 
B)  An attempt to predict a relationship between two data items. 
C)  An attempt to reduce the amount of information that needs to be considered to focus on the most critical items. 
D)  An attempt to discover associations between individuals based on transactions involving them. 
A)  An attempt to characterize the typical behavior of an individual, group or population by generating summary statistics about the data. 
B)  An attempt to predict a relationship between two data items. 
C)  An attempt to reduce the amount of information that needs to be considered to focus on the most critical items. 
D)  An attempt to discover associations between individuals based on transactions involving them.

Question 12

Analytic-minded accountants should report results of analysis in an accessible way to each varied decision maker,along with their specific needs.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A)  An attempt to estimate or predict, for each unit, the numerical value of some variable using some type of statistical model. 
B)  An attempt to predict a relationship between two data items. 
C)  An attempt to divide individuals into groups in a useful or meaningful way. 
D)  An attempt to discover associations between individuals based on transactions involving them. 
A)  An attempt to estimate or predict, for each unit, the numerical value of some variable using some type of statistical model. 
B)  An attempt to predict a relationship between two data items. 
C)  An attempt to divide individuals into groups in a useful or meaningful way. 
D)  An attempt to discover associations between individuals based on transactions involving them.

Question 14

Assume that you have just started a new job as a credit manager for a Fortune 500 company.Using the IMPACT Cycle,explain the process.For each step in the cycle,provide examples and state the information/data you would need to make a credit worthiness decision.

Accepted Answer

Answers will vary! A

Question 15

Auditors can use social media to hear what customers are saying about a company and compare this to inventory obsolescence and other estimates.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A)  An attempt to assign each unit (or individual) in a population into a few categories. 
B)  An attempt to identify similar individuals based on data known about them. 
C)  An attempt to divide individuals into groups in a useful or meaningful way. 
D)  An attempt to discover associations between individuals based on transactions involving them. 
A)  An attempt to assign each unit (or individual) in a population into a few categories. 
B)  An attempt to identify similar individuals based on data known about them. 
C)  An attempt to divide individuals into groups in a useful or meaningful way. 
D)  An attempt to discover associations between individuals based on transactions involving them.

Question 17

Which of the following best describes the data analytics skill of defining and addressing problems through statistical data analysis?

Accepted Answer

A)  recognize what is meant by data quality, be it completeness, reliability or validity 
B)  perform basic analysis to understand the quality of the underlying data and its ability to address the business question 
C)  demonstrate ability to sort, rearrange, merge and reconfigure data in a manner that allows enhanced analysis 
D)  identify and implement an approach that will use statistical data analysis to draw conclusions and make recommendations on a timely basis 
A)  recognize what is meant by data quality, be it completeness, reliability or validity 
B)  perform basic analysis to understand the quality of the underlying data and its ability to address the business question 
C)  demonstrate ability to sort, rearrange, merge and reconfigure data in a manner that allows enhanced analysis 
D)  identify and implement an approach that will use statistical data analysis to draw conclusions and make recommendations on a timely basis

Question 18

The impact cycle includes all the following processes except:

Accepted Answer

A)  Identify the questions. 
B)  Address and refine results. 
C)  Track outcomes. 
D)  Predict the results. 
A)  Identify the questions. 
B)  Address and refine results. 
C)  Track outcomes. 
D)  Predict the results.

Question 19

The impact cycle includes all the following processes except:

Accepted Answer

A)  Communicate insights. 
B)  Perform test plan. 
C)  Analyze the data. 
D)  Track outcomes. 
A)  Communicate insights. 
B)  Perform test plan. 
C)  Analyze the data. 
D)  Track outcomes.

Question 20

Which approach to data analytics attempts to reduce the amount of information that needs to be considered to focus on the most critical items?

Accepted Answer

A)  Similarity matching. 
B)  Profiling. 
C)  Data reduction. 
D)  Regression. 
A)  Similarity matching. 
B)  Profiling. 
C)  Data reduction. 
D)  Regression.

Which of the following best describes the data analytics skill of developing an analytics mindset?

Which of the following best describes the link prediction approach to data analytics?

The T in IMPACT Cycle represents Track Outcomes.

Which of the following best describes the data analytics skill of data quality?

Patterns discovered from enable businesses to identify opportunities and risks in order to better plan for .

Which of the following best describes the data analytics skill of data visualization and data reporting?

Data analytics has the potential to transform the manner in which companies run their businesses; however,it is not practical in the near future.

The M in IMPACT Cycle represents Master the Data.

The process of data analytics aims to transform raw information into data to create value.

Data analytics allows auditors to glean insights that are beneficial to the client,without breaching independence.

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

Analytic-minded accountants should report results of analysis in an accessible way to each varied decision maker,along with their specific needs.

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

Assume that you have just started a new job as a credit manager for a Fortune 500 company.Using the IMPACT Cycle,explain the process.For each step in the cycle,provide examples and state the information/data you would need to make a credit worthiness decision.

Auditors can use social media to hear what customers are saying about a company and compare this to inventory obsolescence and other estimates.

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

Which of the following best describes the data analytics skill of defining and addressing problems through statistical data analysis?

The impact cycle includes all the following processes except:

The impact cycle includes all the following processes except:

Which approach to data analytics attempts to reduce the amount of information that needs to be considered to focus on the most critical items?

Data Preparation and Cleaning

Modeling and Evaluation: Going From Defining Business Problems and Data Understanding to Analyzing Data and Answering Questions

Visualizations: Using Visualizations and Summaries to Share Results

The Modern Audit and Continuous Auditing

Audit Data Analytics

Generating Key Performance Indicators

Using Financial Statement Data

Filters

Exam 1: Data Analytics in Accounting and Business

Which of the following best describes the data analytics skill of developing an analytics mindset?

Which of the following best describes the link prediction approach to data analytics?

The T in IMPACT Cycle represents Track Outcomes.

Which of the following best describes the data analytics skill of data quality?

Patterns discovered from ________ enable businesses to identify opportunities and risks in order to better plan for ________.

Which of the following best describes the data analytics skill of data visualization and data reporting?

Data analytics has the potential to transform the manner in which companies run their businesses; however,it is not practical in the near future.

The M in IMPACT Cycle represents Master the Data.

The process of data analytics aims to transform raw information into data to create value.

Data analytics allows auditors to glean insights that are beneficial to the client,without breaching independence.

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

Analytic-minded accountants should report results of analysis in an accessible way to each varied decision maker,along with their specific needs.

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

Assume that you have just started a new job as a credit manager for a Fortune 500 company.Using the IMPACT Cycle,explain the process.For each step in the cycle,provide examples and state the information/data you would need to make a credit worthiness decision.

Auditors can use social media to hear what customers are saying about a company and compare this to inventory obsolescence and other estimates.

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

Which of the following best describes the data analytics skill of defining and addressing problems through statistical data analysis?

The impact cycle includes all the following processes except:

The impact cycle includes all the following processes except:

Which approach to data analytics attempts to reduce the amount of information that needs to be considered to focus on the most critical items?

Data Preparation and Cleaning

Modeling and Evaluation: Going From Defining Business Problems and Data Understanding to Analyzing Data and Answering Questions

Visualizations: Using Visualizations and Summaries to Share Results

The Modern Audit and Continuous Auditing

Audit Data Analytics

Generating Key Performance Indicators

Using Financial Statement Data

Filters

Patterns discovered from enable businesses to identify opportunities and risks in order to better plan for .