Deck 3: Accounting Data Data Types and How They Are Used

Question 1

Ordinal data ranks or order numerical data.

Answer 1

False

Question 2

Facebook, Twitter and Instagram posts would generally be considered to be __________.

A) structured data
B) unstructured data
C) numerical data
D) ordinal data

Answer 2

B

Question 3

Sales data would be considered to be examples of __________ data.

A) interval
B) ratio
C) ordinal
D) unstructured

Answer 3

B

Question 4

Whether a product is in stock could either be recorded in a database with a categorical (Y/N flag) or report number on hand as a numerical value.

Question 5

Data from the financial statements would generally be considered to be __________.

A) structured data
B) interval data
C) unstructured data
D) ratio data

Question 6

The most appropriate data type for the customer rating for an Amazon product would be a number.

Question 7

Nominal data is numerical data that cannot be ranked.

Question 8

Interval data does not have a meaningful zero.

Question 9

If there are 60 return transactions and 150 sales transactions in a month, what is the proportion of return transactions to all monthly transactions?

A) =60/210
B) =60/150
C) =210/60
D) =150/60

Question 10

Data noting first, second and third place awards would be considered a form of __________ data.

A) ratio
B) ordinal
C) numerical
D) interval

Question 11

A data map is a centralized repository of information about data containing a separate record for each field/variable in the database.

Question 12

The terms data catalog and data dictionary are not related to each other.

Question 13

The dollar amounts included in the financial statements would be examples of ratio data.

Question 14

With four possible audit opinion outcomes (e.g., unqualified, qualified, disclaimer, or adverse), the audit opinion would be considered categorical (as opposed to numerical).

Question 15

Proportion is used most effectively with __________ data.

A) numerical
B) interval
C) ratio
D) categorical

Question 16

Transaction_ID would be considered to be __________.

A) ratio data
B) categorical data
C) ranked data
D) ordinal data

Question 17

Ranking is a summarization method for which type of data?

A) Nominal
B) Ordinal
C) Ratio
D) Both Categorical and Numerical

Question 18

The term "net book value" in the fixed asset ledger is considered to be useful to the preparer and the user because it __________.

A) tells the accountant the amount the asset could be sold at today
B) tells the accountant how much was originally paid for the fixed asset
C) tells the accountant the depreciation period the assets will be depreciated over
D) tells the accountant the remaining value of the fixed asset less total depreciation to date

Question 19

Ratio data has an absolute zero.

Question 20

If there are 6 transactions on 11/1, 3 transactions on 11/2 and 10 transactions on 11/3, what is the proportion of the 11/1 transactions to the total transactions that occur during the first three days of November?

A) =19/6
B) =6/13
C) =6/19
D) =6/6

Question 21

The most appropriate data type for whether or not a product is eligible for Amazon prime shipping would be the use of __________.

A) Y/N Flag
B) short text
C) number
D) currency

Question 22

__________ data has an absolute zero.

A) Interval
B) Ratio
C) Nominal
D) Ordinal

Question 23

Earnings per share would be considered to be __________ data.

A) ordinal
B) nominal
C) interval
D) ratio

Question 24

__________ is data about the data.

A) A data dictionary
B) A data map
C) A data atlas
D) A data summary

Question 25

Since AssetID is a number identifying assets in a fixed asset ledger, it would be considered to be __________.

A) numerical data
B) categorical data
C) ratio data
D) ordinal data

Question 26

In a fixed asset ledger, the asset ID and description represent __________.

A) categorical data
B) numerical data
C) unstructured data
D) discretionary data

Question 27

There are two primary methods to summarize nominal data: counting and grouping, and __________.

A) ranking
B) charting
C) averaging
D) proportion

Question 28

Since audit reports come in four types, including an unqualified, qualified, disclaimer, or adverse report, they would be considered __________ data.

A) categorical
B) numerical
C) ratio
D) interval

Question 29

An example of unstructured data would include __________.

A) names and addresses
B) pictures
C) financial statements
D) product reviews

Question 30

An example of structured data would include __________.

A) blogs
B) pictures
C) social media
D) product reviews

Question 31

Which of the following would not be a calculated variable from other data?

A) Number of products available
B) Coupon availability
C) Ranking of sales of one product compared to other products
D) Average customer rating

Question 32

Invoice Number would be considered to be __________ because is it summarized by __________.

A) nominal data, proportion
B) nominal data, counting
C) ordinal data, proportion
D) ordinal data, counting

Question 33

There are three primary methods to summarize ordinal data: counting and grouping, proportion and __________.

A) plotting
B) charting
C) ranking
D) averaging

Question 34

While __________ data classifies categorical items, __________ data ranks categorical items.

A) ordinal; nominal
B) nominal; ordinal
C) nominal; interval
D) ordinal; interval

Question 35

__________ data has a meaningful distance between data points.

A) Interval
B) Ratio
C) Nominal
D) Ordinal

Question 36

In a fixed asset ledger, the net book value of a fixed asset would be a calculated field equal to the original cost less __________.

A) beginning depreciation
B) accumulated depreciation
C) ending depreciation
D) current period depreciation

Question 37

Purchase and returns data would be considered to be __________ data.

A) categorical
B) ordinal
C) nominal
D) interval

Question 38

There are four primary methods to summarize numerical data: counting and grouping, proportion, summing and __________.

A) ranking
B) plotting
C) averaging
D) charting

Question 39

Which of the following would be a calculated variable from other data?

A) Product availability
B) Coupon availability
C) Product sales price
D) Average customer rating

Question 40

Proportion is calculated by taking the number of observations in a category and __________ that number by the grand total of observations in the sample.

A) adding
B) multiplying
C) dividing
D) subtracting

Question 41

Data with an equal and definitive interval between each data point and absolute "zero" in the point of origin measuring transactions amounts for revenues and expenses would be considered __________.

A) ratio data
B) counting data
C) categorical data
D) ordinal data

Question 42

Data measuring transactions amounts for revenues and expenses would be considered __________.

A) nominal data
B) numeric data
C) categorical data
D) ordinal data