Deck 4: Accounting and Data Analytics

Question 1

ETL involves extracting data from source data stores, harmonizing and cleansing the data into a consistent format, and populating a final data store.

Answer 1

True

Question 2

Big data is a catch-all term that term that primarily deals with voluminous amounts of structured data.

Answer 2

False

Question 3

Mechanical sources of data include sensors, wearable tech and ingestible e-pills.

Answer 3

True

Question 4

Transaction processing systems handle the collection, modification and retrieval of data associated with business events.

Question 5

Variety is a term coined to describe the diversity of data that organizations create or collect.

Question 6

It is always best to extract all data from the source data store during ETL.

Question 7

Mainstream spreadsheet and database software, such as Excel and Access, are often sufficient for analyzing the variety and volume presented by big data.

Question 8

Prescriptive analytics are useful in answering What should be done?

Question 9

Facebook, Pinterest, Instagram and YouTube are all sources of social data.

Question 10

Traditional AISs generate unstructured data as part of processing transactions and business events.

Question 11

The "Four V's" of big data are velocity, veracity, volume and variety.

Question 12

The Association to Advance Collegiate Schools of Business (AACSB-International)requires all separately accredited accounting programs to incorporate data analytics into their accounting curriculum.

Question 13

The majority of data analysis currently performed in businesses today would be classified as descriptive analytics.

Question 14

When we hear the term big data, typically we think of historical data stored in legacy systems.

Question 15

One of the challenges the accounting profession faces is that the tools accountants have traditionally used are ill-equipped for analyzing the types and quantity of data present in big data.

Question 16

Velocity is a term coined to describe the diversity of data that organizations create or collect.

Question 17

The majority of data analysis currently performed in businesses today would be classified as predictive analytics.

Question 18

Because data formats are consistent across all data stores within an organization, the TRANFORM component of ETL requires very little effort.

Question 19

Organizations that spend more on legacy systems tend to experience a lower incidence of security breaches.

Question 20

Operational sources of data include transaction processing systems, enterprise systems and legacy systems.

Question 21

Blazer Communications, a digital content provider, is experiencing intense competition from a number of new entrants into their marketspace.In an effort to determine which customer are at risk of not renewing their contract, the CFO has asked the comptroller to perform an analysis to identify vulnerable customers based on past payment history, renewal patterns, and the like.This type of analysis would be characterized as:

A)Prescriptive
B)Predictive
C)Descriptive
D)Directive

Question 22

One of the defining attributes of big data is veracity.Veracity is defined as:

A)The diversity of data that entities collect or create
B)The extent to which data are objective and representative relative to the decision at hand
C)The speed at which data are created
D)The quantity and scale of data that entities collect or create

Question 23

Considerations when performing an EXTRACT include all of the following except:

A)Field format differences between various data stores
B)Identifying which data to extract from source data stores
C)Load and other negative infrastructure performance considerations
D)Determining whether all data or a subset of the data are sufficient

Question 24

Which of the following is not a core function of data analytics software?

A)Communicating insights
B)Identifying data
C)Processing data
D)Enabling data collection

Question 25

One of the defining attributes of big data is volume.Volume is defined as:

A)The diversity of data that entities collect or create
B)The extent to which data are objective and representative relative to the decision at hand
C)The speed at which data are created
D)The quantity and scale of data that entities collect or create

Question 26

Information systems that collect data regarding the business events of entity and support its day-to-day business requirements originate from the following broad source:

A)mechanical
B)electronic
C)operational
D)social

Question 27

One of the defining attributes of big data is velocity.Velocity is defined as:

A)The diversity of data that entities collect or create
B)The extent to which data are objective and representative relative to the decision at hand
C)The speed at which data are created
D)The quantity and scale of data that entities collect or create

Question 28

Your car insurance company asks you to install a tracking device in your vehicle to record your driving habits.Data from this device is used to adjust your premium.The source of this data is:

A)Operational
B)Transformative
C)Social
D)Mechanical

Question 29

A division manager is interested in identifying which products are most profitable.She has requested the accounting department to pull together a report that breaks out product sales by profit margin, region and product category.This type of analysis would be characterized as:

A)Prescriptive
B)Predictive
C)Descriptive
D)Directive

Question 30

Given the tools and training that accountants currently possess, which of the following sources of data presents the most challenges with respect to data manipulation and analysis?

A)Operational sources
B)Mechanical sources
C)Social sources
D)All are equally challenging

Question 31

Information systems that collect large quantities of data from sources such as Facebook, Twitter and LinkedIn originate from the following broad source:

A)mechanical
B)electronic
C)operational
D)social

Question 32

A data mart is larger and more comprehensive than a data warehouse.

Question 33

OLAP tools are uniquely positioned to analyzing big data because of their ad hoc flexibility and ability to handle very large data sets.

Question 34

Resolving issues related to harmonizing field formats and data duplication would be addressed in which phase of the ETL process?

A)EXTRACT
B)TRANSFORM
C)LOAD
D)These issues would be considerations during all phases of ETL

Question 35

Financial statements are ___ in nature.

A)Predictive
B)Descriptive
C)Prescriptive
D)Directive

Question 36

One of the defining attributes of big data is variety.Variety is defined as:

A)The diversity of data that entities collect or create
B)The extent to which data are objective and representative relative to the decision at hand
C)The speed at which data are created
D)The quantity and scale of data that entities collect or create

Question 37

Information systems that collect data from sensors that are worn, embedded in devices, or ingested originate from the following broad source:

A)mechanical
B)electronic
C)operational
D)social

Question 38

Transaction processing systems would be categorized as a/n:

A)Operational data source
B)Mechanical data source
C)Social data source
D)Financial data source

Question 39

A catch-all phrase that refers to aging applications and/or hardware that is outdated is:

A)Enterprise Resource Planning systems
B)Transaction processing systems
C)Bookkeeping systems
D)Legacy systems

Question 40

Hadoop is:

A)a distributed file system that is optimized for mobile platforms
B)An open-source platform for storing large datasets
C)An infrastructure that allows organizations to outsources their databases to cloud service providers
D)A tool used by public accounting firms to read and interpret text in contracts

Question 41

An effective data visualization:

A)Provides an unfiltered view of the data
B)Only provides facts
C)Presents analysis results in a meaningful and informative format
D)Is historical in nature

Question 42

Which of the following is not listed as a "Leader" in Gartner's 2017 Magic Quadrant for Business Intelligence and Analytics Platforms?

A)Google
B)Microsoft
C)Qlik
D)Tableau

Question 43

Data analyses performed by management accountants typically include all of the following except:

A)Cost management and reporting
B)Performance management and analysis
C)Supporting management's planning and decision-making
D)Compiling financial statements