Question 1

Which of the following best describes the data analytics skill of data analysis through data manipulation?

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 2

Data analytics professionals estimate that they spend between 25 percent and 70 percent of their time cleaning data so it can be analyzed.

Accepted Answer

A) True 
 B)False

Question 3

Which approach to data analytics attempts to discover associations between individuals based on transactions involving them?

Accepted Answer

A)  Similarity matching. 
B)  Clustering. 
C)  Co-occurrence grouping. 
D)  Link prediction. 
A)  Similarity matching. 
B)  Clustering. 
C)  Co-occurrence grouping. 
D)  Link prediction.

Question 4

One of the most important aspects of data analytics that impacts tax is:

Accepted Answer

A)  predictive analytics. 
B)  co-occurrence grouping 
C)  similarity matching. 
D)  data quality. 
A)  predictive analytics. 
B)  co-occurrence grouping 
C)  similarity matching. 
D)  data quality.

Question 5

The I in IMPACT Cycle represents Identify the Question.

Accepted Answer

A) True 
 B)False

Question 6

The predictive analytics is an important aspect of data analytics for auditors,but is not applicable for tax accountants.

Accepted Answer

A) True 
 B)False

Question 7

The IMPACT cycle is iterative,as insights are gained,outcomes are tracked,and new questions are identified.

Accepted Answer

A) True 
 B)False

Question 8

To be proficient in data analysis,accountants need to become data scientists.

Accepted Answer

A) True 
 B)False

Question 9

With a goal of giving organizations the information they need to make sound and timely business decisions,data analytics often involves all of the following except:

Accepted Answer

A)  technologies. 
B)  statistics. 
C)  growth. 
D)  databases. 
A)  technologies. 
B)  statistics. 
C)  growth. 
D)  databases.

Question 10

The P in IMPACT Cycle represents Predict the Results.

Accepted Answer

A) True 
 B)False

Question 11

Which approach to data analytics attempts to estimate or predict,for each unit,the numerical value of some variable using some type of statistical model?

Accepted Answer

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

Question 12

Data analytics is the process of evaluating data with the purpose of drawing conclusions to address business questions.

Accepted Answer

A) True 
 B)False

Question 13

The C in IMPACT Cycle represents Continuously Track.

Accepted Answer

A) True 
 B)False

Question 14

The A in IMPACT Cycle represents Analyze the Data.

Accepted Answer

A) True 
 B)False

Question 15

The impact cycle includes all the following processes except:

Accepted Answer

A)  Identify the questions. 
B)  Address and refine results. 
C)  Communicate insights. 
D)  Continuously track. 
A)  Identify the questions. 
B)  Address and refine results. 
C)  Communicate insights. 
D)  Continuously track.

Which of the following best describes the data analytics skill of data analysis through data manipulation?

Data analytics professionals estimate that they spend between 25 percent and 70 percent of their time cleaning data so it can be analyzed.

Which approach to data analytics attempts to discover associations between individuals based on transactions involving them?

One of the most important aspects of data analytics that impacts tax is:

The I in IMPACT Cycle represents Identify the Question.

The predictive analytics is an important aspect of data analytics for auditors,but is not applicable for tax accountants.

The IMPACT cycle is iterative,as insights are gained,outcomes are tracked,and new questions are identified.

To be proficient in data analysis,accountants need to become data scientists.

With a goal of giving organizations the information they need to make sound and timely business decisions,data analytics often involves all of the following except:

The P in IMPACT Cycle represents Predict the Results.

Which approach to data analytics attempts to estimate or predict,for each unit,the numerical value of some variable using some type of statistical model?

Data analytics is the process of evaluating data with the purpose of drawing conclusions to address business questions.

The C in IMPACT Cycle represents Continuously Track.

The A in IMPACT Cycle represents Analyze the Data.

The impact cycle includes all the following processes except:

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 data analysis through data manipulation?

Data analytics professionals estimate that they spend between 25 percent and 70 percent of their time cleaning data so it can be analyzed.

Which approach to data analytics attempts to discover associations between individuals based on transactions involving them?

One of the most important aspects of data analytics that impacts tax is:

The I in IMPACT Cycle represents Identify the Question.

The predictive analytics is an important aspect of data analytics for auditors,but is not applicable for tax accountants.

The IMPACT cycle is iterative,as insights are gained,outcomes are tracked,and new questions are identified.

To be proficient in data analysis,accountants need to become data scientists.

With a goal of giving organizations the information they need to make sound and timely business decisions,data analytics often involves all of the following except:

The P in IMPACT Cycle represents Predict the Results.

Which approach to data analytics attempts to estimate or predict,for each unit,the numerical value of some variable using some type of statistical model?

Data analytics is the process of evaluating data with the purpose of drawing conclusions to address business questions.

The C in IMPACT Cycle represents Continuously Track.

The A in IMPACT Cycle represents Analyze the Data.

The impact cycle includes all the following processes except:

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