Data Analytics for Accounting

Business

Quiz 7 :

Perform the Analysis: Diagnostic Analyses

Quiz 7 :

Perform the Analysis: Diagnostic Analyses

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A realistic expectation an accountant could hold is that addresses of the company vendors are not similar to that of the company employees.
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True

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According to the textbook, U.S. businesses will lose 7 percent, on average, of their gross revenues to fraud, with projected losses of more than $7 trillion.
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False

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In fuzzy matching, if the tolerance for a match is set to 0%, what is the likely consequence for finding potential matches?
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A

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What is an example of a cash reconciling item for an item recorded by the bank but not yet recorded in the general ledger?
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According to Benford's law, numbers with the first digit "4" are more likely than those with first digit "3".
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A realistic expectation an accountant may hold is that "Most accounting transactions are made and recorded during normal work hours and normal workdays".
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Diagnostic analytics is performed to investigate the underlying reasons for past results that cannot be answered by simply looking at the descriptive data.
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Standard cost is an estimated, or expected, cost of producing a good or service used in management accounting.
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According to Benford's law, what is the expectation for the percentage of times that the first digit of a number is the number "1"?
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In fuzzy matching, if the tolerance for a match is set to 100%, what is the likely consequence for finding potential matches?
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Which of the following can potentially find a transaction that is recorded twice?
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__________ is used to help find customers that might have a similar address or name as employees.
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Analysis regarding the most profitable customer is an example of diagnostic analytics.
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The appropriate test to compare one sample to another sample to see if one is greater than another in some way is called a(n) __________.
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The saying "Half the money I spend on advertising is wasted; the trouble is I don't know which half", illustrates the problem with knowing precisely how much value accrues from advertising expenses to sales or the value of the firm.
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Which cash reconciling item could potentially affect either the bank statement or the general ledger?
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A realistic expectation an accountant could hold is that each transaction (e.g., cash receipt or cash disbursement) is dependent on any other similar transaction.
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If the data analyst hypothesizes that grocery sales are higher when payment is made using credit cards compared to cash payment, the null hypothesis would likely state that grocery sales are lower when payment is made using credit cards compared to cash payment.
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A realistic expectation an accountant could hold is that each transaction (e.g., cash receipt or cash disbursement) is independent of (not identical to) any other similar transaction.
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Management accounting uses variance analysis to explain what and why something happened in the cost of producing products. It is done by comparing actual outcomes to expected, or standard, costs. What is the expectation when the usage of raw materials unexpectedly decreases below the standard quantity used?
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