Data Analytics For Accounting
19th Edition
ISBN: 9781260375190
Author: RICHARDSON, Vernon J., Teeter, Ryan, Terrell, Katie
Publisher: Mcgraw-hill Education,
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Chapter 1, Problem 6MCQ
To determine
Identify the appropriate answer for the given statement from the given choices.
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Which of the following is true about designing an accounting−based performance measure?
A. Management's beliefs are not required during the analyses.
B. The issues considered in each step are independent.
C. The decisions made in steps are followed in a hierarchical order.
D. Behavioral criteria are important when evaluating the steps
Preparing performance reports that contain data only about items that a specific manager controls is an example of which of the following?
A. Financial reporting
B. Learning and innovation
C. Management by exception
D. Responsibility accounting
Which stage of analytics needs the most human input?
a) Descriptive
b) Diagnostic
c) Predictive
Chapter 1 Solutions
Data Analytics For Accounting
Ch. 1 - Prob. 1MCQCh. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Prob. 8MCQCh. 1 - Prob. 9MCQCh. 1 - Prob. 10MCQ
Ch. 1 - Prob. 1DQCh. 1 - Give an example of how Data Analytics creates...Ch. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - To address the question Will I receive a loan from...Ch. 1 - Download and consider the data dictionary file...Ch. 1 - Download and consider the rejected loans dataset...Ch. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Consider the 2013 declined loan data from...Ch. 1 - Consider the 2013 declined loan data from...
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Similar questions
- Should an organization focus on controllable or uncontrollable factors to effectively implement a successful performance measurement system? Explain your answer.arrow_forwardWhich of the following statements regarding the balanced scorecard is not correct? a. It seeks to address the problems associated with traditional financial measures used to assess performance. b. The notion of value chain analysis plays a major role in the drawing up of a balanced scorecard. c. It relies on the perception of the users with regard to service provided. d. It is directly derived from scientific management theories.arrow_forwardWhat parts of the accounting cycle require analytical processes, rather than methodical processes? Explain.arrow_forward
- Which of the following best defines the management accountants initial data analybis ole in facilatig the transformation of data into information that can help add value to an organization? O Obtaining and exploring relevant data for decision making O Deciding which questions to ask and what data to gather. O Developing a data exploratory analysis O Preparing data for analysis. Ne Not savedarrow_forwardMatch the qualitative characteristics below with the following statements. 1. Relevance 2. Faithful representation 3. Predictive value 4. Confirmatory value 5. Comparability 6. Completeness 7. Neutrality 8. Timeliness a. Quality of information that permits users to identify similarities in and differences between two sets of economic phenomena. b. Having information available to users before it loses its capacity to influence decisions. c. Information about an economic phenomenon that has value as an input to the processes used by capital providers to form their own expectations about the future. d. Information that is capable of making a difference in the decisions of users in their capacity as capital providers. e. Absence of bias intended to attain a predetermined result or to induce a particular behavior.arrow_forwardManagement accounting data are expected to be objective and verifiable. Select one: O True Falsearrow_forward
- What type of analytics would encompass creating Key Performance Indicators (KPI’s) from the information reported in financial statements? Multiple Choice Diagnostic analytics Predictive analytics Descriptive analytics Prescriptive analyticsarrow_forwardWhich of the following sets of application characteristics of an accounting application might influence the selection of data entry devices and media for a computerized accounting system?a. Timing of feedback needs relative to input, need for documentation of an activity, and the necessity for reliability and accuracy.b. Cost considerations, volume of input, complexity of activity, and liquidity of assets involved. c. Need for documentation, necessity for accuracy and reliability, volume of output, and cost considerations. d. Relevancy of data, volume of input, cost considerations, volume of output, and timing of feedback needs relative to input. e. Type of file used, reliability of manufacturer’s service, volume of output, and cost considerations.arrow_forwardBoth external auditors and accountants engaged in implementing or updating systems need a basic understanding of accounting information systems. Compare the needs of the two groups, identifying the areas where both need the same kind of understanding and the areas where one group has essentially different needs.arrow_forward
- Match the qualitative characteristics below with the following statements. 1. Timeliness 2. Completeness 3. Free from error 4. Understandability 5. Faithful representation 6. Relevance 7. Neutrality 8. Confirmatory value a. Quality of information that assures users that information represents the economic phenomena that it purports to represent. b. Information about an economic phenomenon that corrects past or present expectations based on previous evaluations. c. The extent to which information is accurate in representing the economic substance of a transaction. d. Includes all the information that is necessary for a faithful representation of the economic phenomena that it purports to represent. e. Quality of information that allows users to comprehend its meaning.arrow_forwardWhich of the following statements regarding the balanced scorecard is not correct?a. It seeks to address the problems associated with traditional financial measures used to assess performance.b. The notion of value chain analysis plays a major role in the drawing up of a balanced scorecard.c. It relies on the perception of the users with regard to service provided.d. It is directly derived from scientific management theories.arrow_forwardHow can an auditor use the following topic in his future work? Apply key data wrangling best practices to real-world structured and unstructured data Employ data wrangling principles using current industry tools and statistical programming languages, to develop and implement data transformation functions and models Apply data operations processes to develop automated, repeatable solutions that address business goals Communicate the opportunities for data transformation needs and solutions to address dynamic organizational data challengesarrow_forward
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