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Acct 4701 Exam 1
| Question | Answer |
|---|---|
| What would be most likely to be disclosed in an 8-K filing to the SEC? | Change in auditor |
| What is the computer-based standard used to define and exchange financial information from financial statements preparers and financial statement users? | XBRL |
| Which system would be used to manage the hiring process for all potential employees? | Human Resource Management System |
| The biggest difference between a 10-K and a 10-Q is the __________ disclosure. | frequency of |
| The chapter suggested that _____________ be used to help evaluate inventory obsolescence and the lower of cost or net realizable value of inventory. | product reviews |
| Whereas ______________ would generally be considered to be structured data, _____________ would generally be considered to be unstructured data. | financial statements; product reviews |
| f there were fake news presented by someone trying to sway an opinion (or a vote), that would bring into question which aspect of Big Data? | Veracity |
| An announcement of a new CEO would most likely be reported on which SEC form? | 8-K |
| There are really very few opportunities to have a question-and-answer session with the CEO of a company and have it recorded for others to use. _________ provides details of the interactive question-and-answer session available to all interested parties. | Conference call transcripts |
| Why might financial statements not be as “truthful” as we often assume? | Many line items rely on estimates and assumptions |
| Which data type has a “real zero” meaning absolutely none, like your bank account after finals week? | Ratio |
| Why should you NEVER try to average an Asset ID? | It’s an identifier, not a measurement |
| Employee salaries would be considered to be examples of ________ data. | ratio |
| You label a transaction as “Sale” or “Return.” This data is | Categorical because it’s literally just a label |
| What happens if you put a numerical variable in Rows instead of Values? | The PivotTable becomes uselessly long |
| If there are 5 transactions on 12/1, 4 transactions on 12/2 and 9 transactions on 12/3, what is the proportion of the 12/1 transactions that occur during the first three days of December? | 5/18 |
| Audit opinions are categorical nominal data because: | They are labels with no numerical meaning |
| The term “useful life” in the fixed asset ledger is considered to be useful to the preparer and the user because it __________. | tells the accountant the depreciation period the assets will be depreciated over |
| Averaging is a summarization method for which type of data? | Numerical |
| Which question should an analyst ask FIRST when receiving a new dataset? | What are the data types and meanings of each field? |
| Foreign keys are required in every relationship database table. | False |
| If customer ID is a unique identifier for the customer table, it would be the ______. | primary key |
| Which of the following would be a poor primary key choice? | Customer email address |
| In database terms, a column is also called all of the following EXCEPT | Record |
| Tableau shows you are importing a categorical variable by showing the ______ icon. | Abc |
| Tableau has the biggest advantage over Excel in __________: | data visualization |
| The most common type of database model is the __________ database. | relational |
| What is the main problem with storing all data in one massive table? | Data anomalies may occur |
| What does a foreign key do? | Links one table to another |
| In database terms, a row is also called all of the following EXCEPT: | Field |
| Which type of question does predictive analytics address? | Will it happen in the future? |
| Which type of question does diagnostic analytics address? | Why did it happen? |
| What type of analytics addresses questions of "what happened?" | Descriptive Analytics |
| What type of analytics would address the question of whether a company will go bankrupt? | Predictive Analytics |
| What type of analytics would primarily summarize facts and compute sums, averages, counts, etc.? | Descriptive Analytics |
| What type of analytics would primarily use what-if analytics, scenario manager, and goal seek analytics? | Prescriptive Analytics |
| What type of analytics would include Benford’s law to assess whether fraud had occurred? | Diagnostic Analytics |
| Which distribution is a probability distribution where all outcomes are equally likely? | Uniform distribution |
| If p-value <= alpha threshold, you should | Reject the null hypothesis (i.e. significant result) |
| If we run a regression where y is the College Completion Rate = f(factors potentially predicting college completion rate), what is the dependent variable? | College completion rate |
| To compute the percentage change in a horizontal analysis, the computation is: | (New − Old)/Old |
| In vertical analysis, the relevant base for accounts receivable would be which of the following? | Total Assets |
| In vertical analysis, the relevant base for interest expense would be which of the following? | Sales Revenue |
| The calculation for return on equity using Dupont Analysis would be as follows: | Profit Margin * Asset Turnover * Financial Leverage |
| Which measure would help us evaluate what happens in the highest and lowest 10 percent of the data? | Deciles |
| Which type of analysis generally would go first when addressing an accounting issue? | Descriptive analysis |
| The best measure for evaluating firm efficiency in handling and using assets would be ________. | asset turnover |
| The older the accounts receivable (i.e., longer amount of time it has been outstanding), the ________ likely it will be that they will ultimately be collected. | less |
| The best way to analyze the extreme values in the sample would be to consider the ________. | maximum or minimum |
| The best way to analyze the variability in the sample would be to consider the __________. | standard deviation |
| What is an example of a cash reconciling item for an item recorded in the general ledger, but not yet recorded in the bank statement? | Outstanding checks |
| Which cash reconciling item could potentially affect either the bank statement or the general ledger? | Error |
| Which of the following can potentially find gaps in the check numbers written? | Sequence check |
| The appropriate test to compare one sample to another sample to see if one is greater than another in some way is called a(n): | Two-sample t-test of a difference in means |
| The appropriate test to see if independent variables are related to a dependent variable is called a(n) ______: | Regression |
| ______ is used to help find vendors that might have a similar address as an employee. | Fuzzy matching |
| In fuzzy matching, if an exact match (tolerance = 100%) is required, what is the likely consequence for finding potential matches? | Only exactly matches, no potential matches |
| According to Benford's Law, which one of these first digits have a higher probability of occurrence than the first digit "3"? | "2" |
| When is Benford's Law analysis not useful? | Assets only recorded above a certain threshold |
| Evaluating the relationship between sales and advertising expense would be an example of the diagnostic analytics of ___________ | determining relations/patterns/linkages between variables through statistical analysis |
| Access or exposure to too much information to be able to process | Information Overload |
| Characterized by constant update, change, or activity | Dynamic |
| Characterized by the lack of constant update, change, or activity | Static |
| The process of evaluating data with the purpose of drawing conclusions to address all types of questions, including accounting questions | Data Analytics |
| An explanation of hierarchical forms of thinking and learning skills in education | Bloom's Taxonomy |
| Which is the lowest level of critical thinking skills in Bloom’s Taxonomy? | Remember |
| Which is the highest level of critical thinking skills in Bloom’s Taxonomy? | Create |
| Which is the appropriate ordering of critical thinking skills in Bloom’s Taxonomy, where the higher order skill is to the left of the “>” symbol? | Create>Analyze |
| What type of question is predicting whether a company will go bankrupt in the coming two years? | Will it happen in the future? What is the probability something will happen? Is it forecastable? |
| What type of question is finding the detail to more clearly understand why net income is decreasing when revenues are increasing? | Why did it happen? What are the root causes of past results? |
| What visualization type is most appropriate for evaluating the relationships between values? | Scatterplot |
| Which of the following software tools specialize in data visualizations? | Power BI and Tableau |
| Plant (factories, office buildings, stores, etc.) and equipment (vehicles, fork lifts, computers, machinery, power tools, technical apparatus). | Fixed assets |
| automatically collects, validates, indexes and serves as a repository for all forms submitted to the Securities and Exchange Commission | EDGAR |
| A required submission to the Securities and Exchange Commission that is used to notify investors of important events or announcements that either the SEC or shareholders might be interested in receiving. | 8-K |
| The technologies, systems, practices, methodologies, databases, statistics, and applications used to analyze diverse accounting and nonaccounting data to give organizations the information they need to make sound and timely business decisions. | Accounting data analytics |
| The moral responsibility for gathering, protecting and using data that contains sensitive information. | Data ethics |
| What would be most likely to be disclosed in an 8-K filing to the SEC? | Change in auditor |
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c22shaferv