a$)$ How is data analytics used in the accounting profession? b$)$ Can data analytics enhance financial reporting quality and, if so$,$ how? c$)$ Identify the skills required of a data analyst in the accounting profession.

 

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PAC 1.4 Tax Accounting: Use Tax Data for Decision-Making You are helping the management accounting department with their analysis to determine a potential city for opening another location. You have gathered data from the IRS that shows information about tax returns filed in each zip code in the state of Georgia. A list of the data available for analysis follows. If an item would be useful for your analysis, indicate whether you would use the number of returns or the dollar amount in your analysis. Then, explain why you chose that specific item. Data Available Zip Code Size Of Adjusted Gross Income: $1 under $25,000 $25,000 under $50,000 $50,000 under $75,000 $75,000 under $100,000 $100,000 under $200,000 $200,000 or more Number of Single Returns Number of Joint Returns Number of Head of Household Returns Total Income Salaries and Wages in AGI Taxable Interest State and Local Income Tax Refunds Business or Professional Net Income Unemployment Compensation Student Loan Interest Total Standard Deduction Total Itemized Deduction State and Local Taxes Total Taxes Paid Income Before Tax Credits Earned Income Credit Additional Child Tax Credit Number of Returns Dollar Amount Reason PAC 1.4 Tax Accounting: Use Tax Data for Decision-Making You are helping the management accounting department with their analysis to determine a potential city for opening another location. You have gathered data from the IRS that shows information about tax returns filed in each zip code in the state of Georgia. A list of the data available for analysis follows. If an item would be useful for your analysis, indicate whether you would use the number of returns or the dollar amount in your analysis. Then, explain why you chose that specific item. Data Available Zip Code Size Of Adjusted Gross Income: $1 under $25,000 $25,000 under $50,000 $50,000 under $75,000 $75,000 under $100,000 $100,000 under $200,000 $200,000 or more Number of Single Returns Number of Joint Returns Number of Head of Household Returns Total Income Salaries and Wages in AGI Taxable Interest State and Local Income Tax Refunds Business or Professional Net Income Unemployment Compensation Student Loan Interest Total Standard Deduction Total Itemized Deduction State and Local Taxes Total Taxes Paid Income Before Tax Credits Earned Income Credit Additional Child Tax Credit Number of Returns Dollar Amount Reason