Identify the items which would be currently out of scope for Data Analytics.
Answer to Problem 1MCQ
Option a. Direct observation of processes would be currently out of scope for Data Analytics.
Explanation of Solution
The items which would be currently using the data analytics are as follows:
- Evaluation of time stamps to evaluate workflow
- Evaluation of phantom vendors
- Duplicate payment of invoices
Justification for correct and incorrect answer:
a.
Direct observation of processes: This is the correct choice as the direct observation of processes involves the application of direct processes in the evaluation. The use of data analytics in direct observation is restricted to the theory only. It is not expanded to practical areas for directly evaluating the processes. Thus, the direct observation of processes is currently out of scope for Data Analytics.
b.
Evaluation of time stamps to evaluate workflow: This option is an incorrect option because data analytics is used on the time stamps of the tasks. It determines the sequence of approvals in the form of a workflow along with the amount of time which is spent on each task.
c.
Evaluation of phantom vendors: This option is incorrect because the evaluation of phantom vendors is made via the use of data analytics. Thus, it cannot be said that the evaluation of phantom vendors is out of scope for Data Analytics.
d.
Duplicate payment of invoices: This is an incorrect option because the duplicate payment of invoice can be verified by using the big data analytics approach. Thus, it cannot be said as out of scope for Data Analytics.
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Chapter 6 Solutions
DATA ANALYTICS FOR ACCOUNTING W/CONNECT
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