Deck 2: Master the Data: an Introduction to Accounting Data

Question 1

Estimates suggest that approximately 80 percent of enterprise data is structured.

Answer 1

False

Question 2

_____ is encapsulated as the technologies, systems, practices, methodologies, databases, statistics and applications used to analyze diverse accounting and non-accounting data to give organizations the information they need to make sound and timely business decisions.

A) The AMPS Model
B) Accounting Data Analytics
C) The Role of the Accounting Analyst
D) Mastering the Data

Answer 2

B

Question 3

Which system would be used to track sales with each customer?

A) Human Resource Management System
B) Customer Relationship Management System
C) Supply Chain System
D) Financial Reporting System

Answer 3

B

Question 4

Managerial accounting systems generally compare budgeted performance to actual performance.

Question 5

What would be most likely to be disclosed in an 8-K filing to the SEC?

A) Company Statement of Cash Flows
B) Naming of a new CFO
C) Management discussion and analysis
D) Overview of a company's main risks

Question 6

Financial statements would generally be considered to be unstructured data.

Question 7

Highlighting the difference between the data which comes from blogs and pictures as compared to financial data would be examples of which aspect of Big Data?

A) Volume
B) Veracity
C) Velocity
D) Variety

Question 8

The SEC form which reports quarterly financial statements is called form _____.

A) 10-K
B) 10-Q
C) 8-K
D) S-1

Question 9

An earnings call is a conference call between company management (like a CEO and CFO), analysts, investors, and the media to discuss earnings and other financial results that generally precede the call.

Question 10

According to the AMPS model, the analyst should know the question they are trying to address before considering and accessing available data.

Question 11

Managerial accounting systems do not have the requirement that the cost of acquiring data be less than the value of the data.

Question 12

Human resource management system (HRMS) is an information system for managing all interactions with current and potential employees.

Question 13

___________ represent an interactive question-and-answer session between investors, analysts, other interested shareholders and management.

A) The management discussion and analysis as part of the 10-K
B) Conference call transcripts
C) Press releases
D) SEC form 8-K

Question 14

Whereas ______________ would generally be considered to unstructured data, _____________ would generally be considered to be structured data.

A) financial statements; product reviews
B) analyst reports; financial statements
C) Instagram pictures; financial statements
D) Firm budget, geographic images

Question 15

_____________ can be used to help evaluate the supply of the product available.

A) Product reviews
B) Inventory cost
C) Structured data
D) Supply chain data

Question 16

In the United Kingdom (UK), financial statements for publicly traded firms are issued twice annually. In the United States (US), financial statements for publicly traded firms are issued quarterly. The difference in timing would address which aspect of Big Data?

A) Volume
B) Veracity
C) Velocity
D) Variety

Question 17

Economic data and analysis reports do not help accountants make better, more accurate budgets and forecasts of earnings.

Question 18

Social media would generally be considered to be unstructured data.

Question 19

Data with greater veracity is often more impactful, carrying more weight in analysis than data with lesser veracity in addressing accounting questions.

Question 20

There is more social media data than financial statement data available.

Question 21

Managerial accounting explicitly tracks all of the following costs, except:

A) Direct Labor
B) Direct Materials
C) Taxes
D) Overhead

Question 22

Economic data includes all of the following, except:

A) Gross domestic product
B) Unemployment statistics
C) Consumer price index
D) Budget data

Question 23

Tax information at the company level comes primarily from the company's ________ .

A) cost accounting system
B) financial reporting system
C) tax reporting system
D) asset reporting system

Question 24

Which term refers to a required quarterly submission to the Securities and Exchange Commission reporting a company's financial performance.

A) 10-K
B) 10-Q
C) 8-K
D) S-1

Question 25

Companies keep track of both tangible and intangible assets. They keep track of _______ assets using the fixed asset subsidiary ledger.

A) tangible
B) intangible
C) current
D) noncurrent

Question 26

The detailed records of the manufacturing equipment used by the company would be included in a _____.

A) accounts receivable ledger
B) fixed asset ledger
C) equipment ledger
D) general ledger

Question 27

Data without internal organization or structure that has tags explaining what the data represents is called ______.

A) semi-structured data
B) structured data
C) unstructured data
D) big data

Question 28

Which of the following is not one of the five required forms required by the SEC?

A) M-1
B) 10-Q
C) S-1
D) 8-Q

Question 29

The Four V's associated with big data include all except which of the following:

A) Volume
B) Veracity
C) Velocity
D) Variability

Question 30

EDGAR, the SEC repository of SEC forms, stands for _______.

A) Electronic Data Gathering, Analysis Repository system
B) Electronic Data Gathering and Archive Retrieval system
C) Electronic Data Gathering, Analysis and Retrieval system
D) Electronic Data Gathering, Analysis Resource system

Question 31

Tyson Chicken monitors the standard cost of a pound of chicken on a continuous basis, incorporating the latest data into their costing. The frequency of updating the costs would address which aspect of Big Data?

A) Volume
B) Veracity
C) Velocity
D) Variety

Question 32

If a dataset has a lot of missing data would most directly concern which aspect of Big Data?

A) Volume
B) Veracity
C) Velocity
D) Variety

Question 33

Which term refers to a required annual submission to the Securities and Exchange Commission reporting a company's financial performance.

A) 10-K
B) 10-Q
C) 8-K
D) S-1

Question 34

This computer standard allows an easy, automated exchange between a financial statement repository and a financial statement user.

A) XBRL
B) EDGAR
C) Excel
D) Google financials

Question 35

The _____ summarizes all of the journal entries which forms the basis for the financial statements.

A) sales journal
B) general ledger
C) special journal
D) general journal

Question 36

____________ includes information on active and inactive vendors and the orders made to date.

A) Customer relationship management system
B) Supply chain system
C) Human resource system
D) Data support system

Question 37

Which of the following are not one of the five required sections in a form 10-K?

A) Risk Factors
B) Management's Discussion and Analysis
C) Forecast of Future Performance
D) Financial Statements and Supplemental Data

Question 38

Managerial accounting systems generally include _________ which require a forecast of ______.

A) budgets; sales
B) earnings; sales
C) personnel hiring plans; earnings
D) a plan for loan repayment; cash

Question 39

Which required section in a form 10-K is likely to represent unstructured data?

A) Risk Factors
B) Management's Discussion and Analysis
C) Selected Financial Data
D) Financial Statements and Supplemental Data

Question 40

A ______ ledger details information on specific accounts with common characteristics.

A) detailed
B) general
C) specialized
D) subsidiary

Question 41

An information system for managing all interactions with current and potential employees is called a(n) _____ .

A) employee management system
B) human resource management system
C) staff management reporting system
D) management information system

Question 42

Eric Schmidt, CEO of Google says, "Every _____ days we now create as much information as we did from the dawn of civilization up until 2003."

A) two
B) three
C) six
D) nine

Question 43

________ accounting is information directed to external users, such as stockholders, banks, and suppliers; in contrast _____ accounting is used internally by the CEO, CFO, controller, budget officers, etc.

A) Management; financial
B) External; management
C) Financial; internal
D) Financial; management

Question 44

Of the data items listed below, which has the highest velocity?

A) Financial statements
B) Stock prices
C) Worker productivity measures
D) Daily weather updates

Question 45

Within an Excel pivottable, the ________ settings determine whether the pivottable will report counts, sums or averages.

A) statistics
B) value field
C) descriptive
D) summary

Question 46

Each of the following is potentially a company subledger except:

A) inventory subledger
B) fixed asset subledger
C) receivables subledger
D) employee subledger

Question 47

Veracity evaluates whether the data is ________, accurate (and clean), and worth of trust.

A) truthful
B) relevant
C) reliable
D) timely

Question 48

The supply chain system contains data on the current and previous __________ .

A) customers
B) employees
C) vendors
D) investors

Question 49

_______ often prepare research reports talking about company prospects by synthesizing financial statements, listening to conference calls, and talking to managers of the company and to its competitors.

A) Investors
B) Financial analysts
C) Auditors
D) Regulators

Question 50

When the source data used to create an Excel pivottable change, the pivottable will update _____.

A) automatically.
B) only after the file is saved.
C) only when the pivottable is "refreshed".
D) never, any change requires a new pivottable.

Question 51

According to the text, PWC, a Big 4 accounting firm, asks its auditors to develop all of the following skills except the ability to:

A) research and identify anomalies and risk factors in underlying data
B) mine new sources of data
C) process-mine using new data analysis techniques and algorithms
D) identify questions that will impact accounting estimates