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data analytics accounting
Questions and Answers of
Data Analytics Accounting
According to Exhibit 4-8, which is the best chart for showing a distribution of a single variable, like height? How about hair color? Major in college?Exhibit 4-8 Conceptual (Qualitative) Data-Driven
Explain Exhibit 4-2 and why these four dimensions are helpful in describing information to be communicated? Exhibit 4-2 lists conceptual and data-driven as being on two ends of the continuum. Does
Name three accounts that would be appropriate and interesting to apply Benford’s law in auditing those accounts. Why would an auditor choose those three accounts? When would a departure from
How could an investor use XBRL to do an analysis of the industry’s inventory turnover?
Why would the use of data reduction be useful to highlight related party transactions (e.g., CEO has her own separate company that the main company does business with)?
How might clustering be used to explain customers that owe us money (accounts receivable)?
An auditor is trying to figure out if the goodwill its client recognized when it purchased a factory has become impaired. What characteristics might be used to help establish a model predicting
An auditor is trying to figure out if the inventory at an electronics store chain is obsolete. What characteristics might be used to help establish a model predicting inventory obsolescence?
How could the fuzzy match be used to find undisclosed related party transactions that might need to be disclosed?
Exhibits 3-1, 3-2, 3-3, and 3-4 suggest that volume and distance are the best predictors of “days to ship” for a wholesale company. Any other variables that would also be useful in predicting the
Compare and contrast the profiling data approach and the development of standard cost for a unit of production at a manufacturing company. Are they substantially the same, or do they have differences?
How does fuzzy match work? Give an accounting situation where it might be most useful.
How is similarity matching different from clustering?
How might classification be used in approving or denying a potential fraudulent credit card transaction?
How might the data reduction approach be used in auditing?
Using Exhibit 3-5 as a guide, what are three data approaches associated with the unsupervised approach?Exhibit 3-5 Casual modellng (Event Influences other) Classification Identify your question
Using Exhibit 3-5 as a guide, what are three data approaches associated with the supervised approach?Exhibit 3-5 Casual modelling Classification Identify your question (Event Influences other)
What is the difference between training datasets and test (or testing) datasets?
What is the difference between a supervised and an unsupervised approach?
If you were conducting a data analysis in order to compare the percentage of students who receive federal loans at universities above and below the median cost of attendance across all institutions,
If you were analyzing the levels of diversity across public and private institutions using the College Scorecard data, how would you define diversity in terms of the data provided? Would it be
Use the College Scorecard data to determine if different regions of the country have significantly different costs of attendance (same as Problem 6 above) and fill out a data request form in order to
Which attributes from the College Scorecard data would you need to determine if different regions of the country have significantly different costs of attendance?
Which attributes from the College Scorecard data would you need to compare the percentage of students who receive federal loans at universities above and below the median cost of attendance across
Which attributes from the College Scorecard data would you need to compare completion rate across types of institutions (public, private non-profit, or private for-profit)?
Which attributes from the College Scorecard data would you need to compare levels of diversity across types of institutions (public, private non-profit, or private for-profit)?
Which attributes from the College Scorecard data would you need to compare SAT scores across types of institutions (public, private non-profit, or private for-profit)?
Which attributes from the College Scorecard data would you need to compare cost of attendance across types of institutions (public, private non-profit, or private for-profit)?
In the ETL process, one important step to process when transforming the data is to work with NULL, N/A, and zero values in the dataset. If you have a field of quantitative data (e.g., number of years
Regarding the data request form, why do you think it is important to the database administrator to know the purpose of the request? What would be the importance of the “To be used in” and
In the ETL process, when an analyst is completing the data request form, there are a number of fields that the analyst is required to complete. Why do you think it is important for the analyst to
In the ETL process, if the analyst does not have the security permissions to access the data directly, then he or she will need to fill out a data request form. While this doesn’t necessarily
In the ETL process, the first step is extracting the data. When you are obtaining the data yourself, what are the steps to identifying the data that you need to extract?
What is the purpose of a data dictionary? Identify four different attributes that could be stored in a data dictionary, and describe the purpose of each.
Among the advantages of using a relational database is enforcing business rules. Based on your understanding of how the structure of a relational database helps prevent data redundancy and other
Even though it is preferable to store data in a relational database, storing data across separate tables can make data analysis cumbersome. Describe three reasons why it is worth the trouble to store
The advantages of a relational database include integrating business processes. Why is it preferable to integrate business processes in one information system, rather than store different business
The advantages of a relational database include limiting the amount of redundant data that are stored in a database. Why is this an important advantage? What can go wrong when redundant data are
Consider the 2013 declined loan data from LendingClub titled “RejectStatsB2013.” Similar to the analysis done in the chapter, let’s scrub the employment length. Because our analysis requires
Consider the 2013 declined loan data from LendingClub titled “RejectStatsB2013.” Similar to the analysis done in the chapter, let’s scrub the debt-to-income data. Because our analysis requires
Consider the 2013 declined loan data from LendingClub titled “RejectStatsB2013” from the Connect website. Similar to the analysis done in the chapter, let’s scrub the risk score data. First,
Download the rejected loans dataset of LendingClub data titled “RejectStatsA Ready” from the Connect website and do an Excel PivotTable by state; then figure out the number of rejected
Download the rejected loans dataset of LendingClub data titled “RejectStatsA Ready” from the Connect website and do an Excel PivotTable by state; then figure out the number of rejected
Download and consider the rejected loans data set of Lending Club data titled “Reject Stats A Ready.” Given the analysis performed in the chapter, what three items do you believe would be most
Download and consider the data dictionary file “LCData Dictionary,” specifically the Loan Stats tab. This represents the data dictionary for the loans that were funded. Seeing all of the data
To address the question “Will I receive a loan from Lending Club?” we had available data to assess the relationship among (1) the debt-to-income ratios and number of rejected loans, (2) the
Why might the debt-to-income attribute included in the declined loans data set considered in the chapter be a predictor of declined loans? How about the credit (risk) score?
Which data approach might be used to assess the appropriate level of the allowance for doubtful accounts?
Auditors will frequently use the data reduction approach when considering potentially risky transactions. Provide an example of why focusing on a portion of the total number of transactions might be
What data approach mentioned in the chapter might be used by Facebook to find friends?
In the chapter, we mentioned eight different data approaches. Which data approach was used by Alibaba, as mentioned in the chapter-opening vignette?
What is included in mastering the data as part of the IMPACT cycle described in the chapter?
Why is identifying the question such a critical first step in the IMPACT process cycle?
Describe the IMPACT cycle. Why does its order of the processes and its recursive nature make sense?
How might Data Analytics be used in financial reporting? And how might it be used in doing tax planning?
Give an example of how Data Analytics creates value for accounting.
Give an example of how Data Analytics creates value for businesses.
Define Data Analytics and explain how a university might use its techniques to recruit and attract potential students.
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