Deck 1: Using Data Analytics to Ask and Answer Accounting Questions

Question 1

What type of question is used in finding the level of sales needed to break even?

A) What happened? What is happening?
B) Why did it happen? What are the root causes of past results?
C) Will it happen in the future? What is the probability something will happen? Is it forecastable?
D) What should we do based on what we expect will happen? How do we optimize our performance based on potential constraints?

Answer 1

D

Question 2

Which is the appropriate ordering of thinking skills in Bloom's Taxonomy, where the ">" symbol means higher order skills?

A) Evaluate > Apply
B) Remember > Understand
C) Apply > Analyze
D) Analyze > Evaluate

Answer 2

A

Question 3

"Ask the Right Question" is one of the desired skills for accounting professionals, consistent with EY's "The Analytics Mindset".

Answer 3

True

Question 4

What type of question is used in learning how much the company paid in interest expenses last year?

A) What happened? What is happening?
B) Why did it happen? What are the root causes of past results?
C) Will it happen in the future? What is the probability something will happen? Is it forecastable?
D) What should we do based on what we expect will happen? What should we do based on what we expect will happen? How do we optimize our performance based on potential constraints?

Question 5

Benford's law might be used as part of which component of the AMPS model?

A) Ask the Question
B) Master the Data
C) Perform the Analysis
D) Share the Story

Question 6

Which component of the AMPS model would usually involve creating a pivottable?

A) Ask the Question
B) Master the Data
C) Perform the Analysis
D) Share the Story

Question 7

"Communicate results with management" is one of the desired skills for accounting professionals, consistent with EY's "The Analytics Mindset".

Question 8

What type of question is used in determining how to maximize revenues if there is a trade war with China?

A) What happened? What is happening?
B) Why did it happen? What are the root causes of past results?
C) Will it happen in the future? What is the probability something will happen? Is it forecastable?
D) What should we do based on what we expect will happen? How do we optimize our performance based on potential constraints?

Question 9

"Remember" is a higher skill than "Understand" in Bloom's Taxonomy.

Question 10

"Programming repetitive tasks" is one of the desired skills for accounting professionals, consistent with EY's "The Analytics Mindset".

Question 11

"Understand" is the lowest skill in Bloom's Taxonomy.

Question 12

What type of question(s) works to explain "Why did overall tax increase even though net income did not?"

A) What happened? What is happening?
B) Why did it happen? What are the root causes of past results?
C) Will it happen in the future? What is the probability something will happen? Is it forecastable?
D) What should we do based on what we expect will happen? How do we optimize our performance based on potential constraints?

Question 13

The accuracy, validity and consistency of data used and stored over time is called ______ .

A) data veracity
B) data integrity
C) data quality
D) truthful data

Question 14

A visualization may be used to help with which component of the AMPS model?

A) Ask the Question
B) Master the Data
C) Perform the Analysis
D) Share the Story

Question 15

Which component of the AMPS model most appropriately addresses the skill mentioned by EY's analytics mindset of "extract, transform and load relevant data"?

A) Ask the Question
B) Master the Data
C) Perform the Analysis
D) Share the Story

Question 16

"Create" is the highest skill in Bloom's Taxonomy.

Question 17

Of the options listed below, which is the highest level of thinking skills in Bloom's Taxonomy?

A) Evaluate
B) Apply
C) Analyze
D) Understand

Question 18

What type of question is predicting whether borrowers will be able to repay their loans?

A) What happened? What is happening?
B) Why did it happen? What are the root causes of past results?
C) Will it happen in the future? What is the probability something will happen? Is it forecastable?
D) What should we do based on what we expect will happen? How do we optimize our performance based on potential constraints?

Question 19

Use of a dashboard to track relevant outcomes would be consistent with which component of the AMPS model?

A) Ask the Question
B) Master the Data
C) Perform the Analysis
D) Share the Story

Question 20

Of the options listed below, which is the lowest level of thinking skills in Bloom's Taxonomy?

A) Create
B) Understand
C) Apply
D) Analyze

Question 21

The third step of the AMPS model is _____.

A) master the data
B) perform the data testing
C) perform the analysis
D) pick appropriate data

Question 22

Dashboards showing current company performance are usually associated with ______ updating.

A) dynamic
B) static
C) opportunist
D) monthly

Question 23

_____ is a computer program written to perform analysis to do repetitive tasks.

A) Query
B) Scripting
C) Visualization
D) Pivottable

Question 24

Within spreadsheets, ______ are used to connect other data in the spreadsheet.

A) macros
B) cell references
C) pivottables
D) regressions

Question 25

In the text, the types of tools mentioned that accountants need to analyze data include spreadsheets, queries, scripting and _____.

A) programming
B) analysis
C) visualizations
D) pivottables

Question 26

Information _________ may hinder the work of the accountant due to receiving too much information.

A) availability
B) accessibility
C) deficits
D) overload

Question 27

Within spreadsheets, ______ are used to automate processes that are repetitive.

A) references
B) pivottables
C) macros
D) regressions

Question 28

There is expected to be 175 _____ of data by 2025.

A) terabytes
B) zettabytes
C) exabyte
D) yottabyte

Question 29

As accountants of the future require higher levels of critical thinking and reasoning skills than what was previously required for accountants, which levels of critical thinking skills as outlined by Bloom's Taxonomy should accountants need to focus?

A) Remember, Understand, Apply
B) Create, Evaluate, and Analyze
C) Remember, Create, and Apply
D) Curiosity, Evaluate, Understand

Question 30

The AMPS model is _____ .

A) linear insofar that there is a one-way progression from A->M->P->S
B) cyclical insofar that the model allows more refined questions.
C) random and since each component is equal, these can be done in any sequence.
D) exponential since each component is the product of prior components

Question 31

According to the textbook, the job of the accountant is continuing to change from that of data _____ to data _____.

A) collection; analysis
B) analysis; interpretation
C) analysis; collection
D) collection; interpretation

Question 32

Within Excel spreadsheets, the ______ function would be a form of querying.

A) SUM
B) VLOOKUP
C) IF
D) COUNT

Question 33

A(n) _____ is a tool that allows reorganization and summarization of certain data using crosstabulations without changing the underlying spreadsheet.

A) pivottable
B) query
C) graphing
D) functions

Question 34

A _____ is used to access data from a larger dataset needed for analysis.

A) pivottable
B) query or macro
C) visualization
D) Benford's law analysis

Question 35

According to EY's Analytics Mindset, accounting professionals need to be able to:

A) program their accounting analysis.
B) interpret and share the results with shareholders.
C) ask questions answerable with data.
D) reduce the available data to a manageable level.

Question 36

According to EY's Analytics Mindset, accounting professionals need to be able to:

A) program their accounting analysis.
B) produce visualizations for stakeholders.
C) ask the right questions.
D) reduce the available data to a manageable level.

Question 37

A _____ is a graphical summary of various measures tracked by a company.

A) trackboard
B) graphical interface
C) dashboard
D) web page