Table of Contents
Get All Week Introduction to Accounting Data Analytics and Visualization Quiz Answers
Lesson 1.1 Knowledge Check
Q1. Which of the following statements describes modifications to Pacioli’s three critical skills for merchants? (Select all that apply.)
2.Mathematics is more important than before and is especially important for forecasting future events and trends.
Q2. Which of the following statements is a reason why people rely too much on data? (Select all that apply.)
View2.People have the ability to access more data than they need.
Q3. Which of the following statements describes how financial accountants can shape how data is used? (Select all that apply.)
View2.Financial accountants can encourage the use of relevant data by reporting costs internally in a way to makes it more helpful than if it were reported for external purposes.
Q3. Which of the following types of accounting will closely analyze the evidence to judge whether firms’ financial statements are accurate?
ViewLesson 1.2 Knowledge Check
Q1. Which of the following types of accounting is mainly responsible for keeping costs under control?
ViewQ2. Which of the following statements represents examples of how financial accountants may improve their efficiency with the use of advanced data analytics skills? (Select all that apply.)
View2.Financial accountants can evaluate their companies’ performance by analyzing and comparing their companies’ financial statements relative to other companies in the same industry.
3.With the understanding of XBRL, financial accountants can better organize and gather data to communicate relative performance for investors, creditors, and regulators.
Q3. The decisions of systems accountants can influence which of the following things? (Select all that apply.)
View2.The extent to which data is protected
3.The availability of data
Introduction to Accountancy Analytics: Quiz
Q1. Which of the following principles that Pacioli proposed is linked to forecasting future trends and events?
ViewQ2. Organizational architecture will affect people using data in which of following ways? (Select all that apply.)
View2.In large organizations, people may over-rely on data because the managers are removed from the front lines.
Q3. Which of the following subdomains in accounting is more likely to be responsible for summarizing accounting transactions during a period of time for users external to an organization?
ViewQ4. Which of the following statements does the IRS report on its website? (Select all that apply.)
View2.The IRS maintains a public database on the Statistics of Income in which they report statistical tables from millions of tax returns.
3.The IRS reports the percentage of audits that resulted in no change and additional recommended tax per return.
Q5. Which of the following statements about the influence of managerial accounting is TRUE? (Select all that apply.)
View2.Managerial accountants take the lead role in identifying errors in the financial statements, and then working with managers to correct those errors.
Q6. How can big data and advanced analytics help with activity-based costing?
View2.By organizing costs into cost pools and finding activities for allocating costs in those pools.
Q7. In the US, only large public companies are required to file annual reports to the Securities and Exchange Commission.
ViewQ8. Which of the following statements about business reporting language under XBRL is CORRECT? (Select all that apply.)
View2.Under XBRL, net income is tagged as us-gaap: NetIncomeLoss.
Q9. Which of the following statements about tax accountants is TRUE? (Select all that apply.)
View2.The area deprivation index may provide insightful information to tax accountants.
Q10. Which of the following statements about the Internet of Things is TRUE?
ViewLesson 2.1 Knowledge Check
Q1. Data analytics can shape people’s lives in which of the following ways?
View2.People have access to their health conditions with watches or smartphones.
3.Companies will better understand the changes in customers’ preferences.
4.All of the above
Q2. In making decisions, the tendency to think that the likelihood something will occur is based on how easily it comes to mind refers to which type of bias?
ViewQ3. Which of the following statements is TRUE?
ViewLesson 2.2 Knowledge Check
Q1. Which of the following statements is TRUE? (Select all that apply.)
View2.Control risk refers to the risk of a material misstatement occurring as a result of insufficient controls or failure to uphold the controls.
Q2. Which of the following statements about deductive and inductive reasoning is TRUE?
ViewQ3. When presenting the results of data analytics to an audience, it’s better to include as much information as possible so the audience can fully appreciate our mindset.
ViewLesson 2.3 Knowledge Check
Q1. Which of the following statements about assembling data is TRUE?
ViewQ2. What is a common practice we should perform when evaluating model accuracy?
ViewQ3. Which of following things should you be careful of when presenting results to an audience? (Select all that apply.)
View2.You should not persuade your audience that the results are important but let them make their own decisions.
3.You should persuade your audience that the results are important.
4.You don’t have to pay attention to every detail of data analytics because it will confuse your audience.
Accounting Analysis and an Analytics Mindset: Quiz
Q1. Which of the following statements is TRUE?
ViewQ2. Which of the following risks may take place if the accounting staff’s training is insufficient and complex transactions exist?
ViewQ3. Which of the following statements about risks that may take place in accounting is TRUE?
ViewQ4. If we know what assets and liabilities are, then we can infer the value of owners’ equity with the use of inductive reasoning.
ViewQ5. What’s the difference between deductive reasoning and inductive reasoning?
ViewQ6. Which of the following statements about assembling data is TRUE? (Select all that apply.)
ViewQ7. What is the most commonly known data repository?
ViewQ8. Which of the following things about advanced analytic techniques is TRUE?
ViewQ9. When presenting the results to an audience, we should not focus on listening to their comments and questions so that we can persuade them that our results are important.
ViewQ10. What should we know in order to effectively start framing a question?
View2.What do we know about our audience?
3.What kind of tools are we going to use?
Lesson 3.2 Knowledge Check
Q1. For data to be relevant, it must possess which of the following characteristics? (Select all that apply.)
View2.It should be timely.
3.It should be accurate.
4.It should be the right level of granularity.
Q2. Which of the following statements about the SQL and NoSQL structures is TRUE?
ViewQ3. What must a tidy data frame have? (Select all that apply.)
View2.Consistent data types and patterns within columns.
Q4. Data dictionaries should have a list of each column name, but it should not include an example of what the data looks like.
ViewLesson 3.4 Knowledge Check
Q1. Which of the following statements about the shape of a data frame is TRUE? (Select all that apply.)
ViewQ2. Which of the following statements about left joins is TRUE?
ViewQ3. What should we do if we want to perform repetitive tasks?
ViewData and Its Properties: Quiz
Q1. Which of the following statements is NOT an important feature of relevant data? (Select all that apply.)
View
Q2. The following image depicts which type of database?
ViewQ3. XBRL uses non-standardized tags and we can create our own tags if a tag doesn’t exist to accurately describe information.
ViewQ4. Which of the following statements is TRUE about a tidy data frame?
View2.Data types and patterns should be consistent within columns.
3.Rows and columns are not required to have indices or labels.
4. All of above
Q5. When I enter 09831 in Excel and want to display the leading zero, what should I do in order to make sure that Excel does not automatically remove the zero?
ViewQ6. Which of the following statements is TRUE about data dictionaries?
ViewQ7. Long data frames are more efficient for storing data, whereas wide data frames are more useful for visualization.
View
Q8. Which of the following statements is TRUE about merging data?
ViewQ9. Which of the following statements is TRUE about summary statistics?
ViewLesson 4.1 Knowledge Check
Q1. Which of the following statements is TRUE about data visualization? (Select all that apply.)
View2.We should try to exclude distractions in data visualization.
Q2. Which of the following shapes is usually used to communicate connection?
ViewQ3. Which of the following statements is TRUE about building blocks in realizing data visualization?
View2.It is not required to order the elements of our data visualization in a meaningful way.
3.In order to let the audience better understand the information, we should always use large-sized shapes in data visualization.
Lesson 4.2 Knowledge Check
Q1. Which of the following statements describes the strength of scatter plots? (Select all that apply.)
View2.Scatter plots can effectively show the outliers.
3.Scatter plots can display the variation within data.
Q2. Which of the following statements is TRUE about bar charts?
ViewQ3. Box plots are efficient in displaying changes in values over time.
ViewLesson 4.3 Knowledge Check
Q1. Which of the following built-in Excel charts cannot correctly show a summary of negative values?
ViewQ2. Which of the following charts is good at communicating intraday and interday patterns in stock market prices?
ViewQ3. What is one way to deal with a negative number when creating treemaps?
ViewData Visualization 1: Quiz
Q1. Which of the following statements is NOT an important visual perception principle that can be applied to data visualization? (Select all that apply.)
ViewQ2. Which of the following statements is TRUE about shapes in data visualization?
ViewQ3. Which of the following charts cannot effectively show areas where there are a lot of overlapping points?
ViewQ4. Which of the following charts is good at quickly communicating relative comparisons and distributions?
ViewQ5. Which of the following statements is TRUE about box plots?
ViewQ6. Which of the following charts are exclusively used in financial and accounting areas? (Select all that apply.)
View2.Candlestick charts
Q7. Which of the following statements is TRUE about waterfall charts? (Select all that apply.)
View2.They are not simply the same as bar charts.
3.Excel’s built-in waterfall charts can correctly show negative summary values.
Q8. Why is a candlestick chart better than a line chart in connecting stock values over time?
ViewQ9. Which of the following graphs is particularly useful for hierarchical or nested data?
ViewQ10. Which of the following statements is TRUE about using sparklines to present multiple plots?
ViewLesson 5.2 Knowledge Check
Q1. Which of the following statements is TRUE about Tableau?
ViewQ2. Which of the following statements about dimensions is TRUE?
ViewQ3. What should we do when the data point in Tableau is outside the range?
ViewQ4. What should we do in Tableau if we want one measure to be along the x-axis?
ViewLesson 5.4 Knowledge Check
Q1. A faceted chart is a useful alternative to a multiline chart that has lots of overlapping lines.
ViewQ2. In combining multiple datasets, if we want to keep the selected data and only bring in new data that matches on the fields that are in the selected, what type of join method(s) should we choose?
ViewQ3. Which of the following statements is TRUE about the forecast tool in Tableau?
View2.To use the forecast tool, we can click on the Analytics tab and then drag the forecast icon onto the chart.
Q4. Which of the following tools in Tableau enables you to combine a variety of charts into one place?
ViewData Visualization 2: Quiz
Q1. Which of the following statements is TRUE about data frames in Tableau?
ViewQ2. Which of the following statements is TRUE about dimensions and measures?
ViewQ3. What is TRUE about Tableau?
ViewQ4. Which of the following charts can group the observations for a measure into bins and then shows the frequency with which observations occur?
ViewQ5. In Tableau, what should we do if we want to create a separate box plot for each level of a dimension?
ViewQ6. In which setting is a left join appropriate to combine datasets together?
ViewQ7. The forecast tool in Tableau looks at any underlying causes of historical changes and then forecasts when those events will occur in the future.
ViewQ8. In Tableau, we cannot set the number of clusters we want to group.
ViewQ9. Which of the following statements is TRUE about dashboards in Tableau? (Select all that apply.)
View2.We can position the charts in a dashboard at any place we want.
Q10. We can specify how long we want the forecast to be in the Tableau forecast option.
ViewLesson 6.1 Knowledge Check
Q1. Which of the following statements is NOT a reason why forecasting sales is important in doing business?
ViewQ2. Which of the following statements is TRUE about dealing with data related to time? (Select all that apply.)
View2.A pivot table can help us aggregate all the data into one day.
Q3. If the mean is greater than the median for a column of data, then it suggests that extremely small values exist in the data.
ViewLesson 6.2 Knowledge Check
Q1. Which of the following statements is the CORRECT way to determine if the linear model you created for forecasting is effective?
ViewQ2. R-squared is the percentage of variation NOT explained by the regression line.
ViewQ3. Which of the following statements is TRUE about Significance F in the ANOVA table.
ViewLesson 6.4 Knowledge Check
Q1. Which of the following statements is TRUE about simple and multiple regression? (Select all that apply.)
View2.Multiple regression is when multiple independent variables are regressed on the dependent variable.
Q2. Residuals are the difference between the predicted value of the independent variable and the actual value of the dependent variable.
ViewQ3. Which of the following statements is TRUE about adjusted R-squared?
ViewAnalytic Tools in Excel 1: Quiz
Q1. Which of the following problems can be prevented by forecasting sales? (Select all that apply.)
View2.There’s not enough inventory to satisfy customers’ needs.
Q2. Why is aggregating data important in dealing with datasets related to time?
ViewQ3. Which of the following statements is TRUE about descriptive statistics? (Select all that apply.)
View2.The count tells us how many observations are in the data.
Q4. The values of correlation always range from –1 to 1.
ViewQ5. Which of the following statements is TRUE about correlation?
ViewQ6. Which of the following statements is TRUE about regression output?
ViewQ7. Which of the following statements is NOT TRUE about regression results? (Select all that apply)
View2.A p-value less than 0.05 means the coefficient is not significantly different from zero.
Q8. Multiple regression is a powerful tool that reports the common effect of coefficients.
ViewQ9. Which of the following statements is NOT true about residuals?
ViewQ10. Which of the following things should we consider when performing a regression analysis for forecasting future sales?
View2.If the levels of the independent variables are not known or are controllable, then the independent variables can probably be used to make a forecast if necessary.
Lesson 7.1 Knowledge Check
Q1. Why should we consider adding an additional term to the regression function once we see a curvilinear relationship between an independent variable and a dependent variable?
ViewQ2. Which of the following variables is NOT a categorical variable?
ViewQ3. Which of the following statements about regression is TRUE?
ViewLesson 7.3 Knowledge Check
Q1. What does the slack column in the Excel solver function tell us?
ViewQ2. What does it suggest if the levels for each of the variables in a complex linear model are binding when using the Solver to maximize a function?
ViewQ3. Which of the following statements is TRUE about logistic regression? (Select all that apply.)
View2.It means that the dependent variable has been transformed by taking the log of the odds ratio.
Q4. A simple, powerful way to evaluate the accuracy of a logistic regression model is the number of observations we are able to predict.
ViewAnalytic Tools in Excel 2: Quiz
Q1. Which of the following statements is TRUE?
ViewQ2. Which of the following statements is TRUE about categorical variables?
ViewQ3. Which of the following statements is TRUE about nominal and ordinal variables?
ViewQ4. In performing regression analysis, what should you do when you encounter a nominal variable that doesn’t have a natural rank order?
ViewQ5. What should we do if we find that a coefficient in multiple regression is insignificant?
ViewQ6. Which of the following statements about probability and odds are true? (Select all that apply.)
View2.Odds cannot be negative.
Q7. For regression with a categorical dependent variable, the dependent variable is coded as an indicator variable.
ViewQ8. We may consider using logistic regression under which of the following situations?
ViewQ9. In logistic regression, why might using the percentage of observations accurately predicted be better than using R-squared to evaluate model performance? (Select all that apply.)
View2.It can prevent overfitting
Q10. An efficient way to evaluate the accuracy of a logistic regression model is the number of observations accurately predicted.
ViewLesson 8.1 Knowledge Check
Q1. Which of the following is the first step of recording a macro?
ViewQ2. Which of the following statements is true about the IDE (integrated development environment) that is included with Excel? (Select all that apply.)
View2.The code window in Excel’s IDE is where we see the code that’s generated when the macro is recorded.
Q3. Every time we create our own visual basic code in Excel, it starts with the statement “Sub “and ends with “End sub.”
ViewLesson 8.2 Knowledge Check
Q1. Which of the following statements is TRUE about for loops?
ViewQ2. Which of the following statements is NOT TRUE about data programming?
ViewQ3. If-then-else statements enable us to specify what should happen for each situation.
ViewLesson 8.3 Knowledge Check
Q1. When VBA was used to create histograms for all of the columns of data, why was it important to break of a for loop based on a conditional statement?
ViewQ2. Machine learning algorithms are often broken down into a supervised category and an unsupervised category, and supervision is only required for the supervised category.
ViewQ3. In performing k-means clustering by hand, what is the first thing we should do?
ViewQ4. In clustering our observations, why are data values often scaled so that all the values fall between 0 and 1 for every column of data?
ViewAutomation in Excel: Quiz
Q1. Which of the following statements about macro is TRUE?
ViewQ2. Which of the following statements is NOT true about the five windows in Excel’s IDE, Visual Basic Editor (VB)?
ViewQ3. Which of the following statements is/are TRUE about the text in VB? (Select all that apply.)
View2.The red text refers to code that is syntactically wrong.
Q4. Which of the following statements is the CORRECT way to define a variable “i” in VBA?
ViewQ5. We can use undo for changes performed by a macro.
ViewQ6. In unsupervised learning, we do not need the presence of a group label since we let algorithms tell us which group our observations fall into.
ViewQ7. Which of the following statements about clustering is TRUE?
ViewQ8. Euclidean distance is often used to calculate the distance of each observation from each centroid, based on a distance formula derived from the Newtonian Theorem (a squared – b squared = c squared).
ViewQ9. Which of the following statements correctly describes the function AVERAGEIF(C10:C20, 1, D10:D20)?
ViewQ10. Which of the following statements is NOT an issue we may see in clustering?
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Conclusion:
In summary, the “Introduction to Accounting Data Analytics and Visualization Quiz Answers” serve as a valuable tool for enhancing your understanding of this critical aspect of accounting. By accessing these answers, you can confidently approach the quiz, solidify your knowledge in accounting data analytics, and gain essential skills for success in the field.
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