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

Nominal data is numerical data that cannot be ranked.

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

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

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

Ordinal data ranks or order numerical data.

Ratio data has an absolute zero.

Interval data does not have a meaningful zero.

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

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.

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

Proportion is used most effectively with __________ data. A) numerical B) interval C) ratio D) categorical

Data from the financial statements would generally be considered to be __________. A) structured data B) interval data C) unstructured data D) ratio data

Data noting first, second and third place awards would be considered a form of __________ data. A) ratio B) ordinal C) numerical D) interval

Sales data would be considered to be examples of __________ data. A) interval B) ratio C) ordinal D) unstructured

Facebook, Twitter and Instagram posts would generally be considered to be __________. A) structured data B) unstructured data C) numerical data D) ordinal data

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

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

Transaction_ID would be considered to be __________. A) ratio data B) categorical data C) ranked data D) ordinal data

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

Ranking is a summarization method for which type of data? A) Nominal B) Ordinal C) Ratio D) Both Categorical and Numerical

__________ is data about the data. A) A data dictionary B) A data map C) A data atlas D) A data summary

There are four primary methods to summarize numerical data: counting and grouping, proportion, summing and __________. A) ranking B) plotting C) averaging D) charting

There are three primary methods to summarize ordinal data: counting and grouping, proportion and __________. A) plotting B) charting C) ranking D) averaging

There are two primary methods to summarize nominal data: counting and grouping, and __________. A) ranking B) charting C) averaging D) proportion

__________ data has an absolute zero. A) Interval B) Ratio C) Nominal D) Ordinal

__________ data has a meaningful distance between data points. A) Interval B) Ratio C) Nominal D) Ordinal

While __________ data classifies categorical items, __________ data ranks categorical items. A) ordinal; nominal B) nominal; ordinal C) nominal; interval D) ordinal; interval

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

An example of structured data would include __________. A) blogs B) pictures C) social media D) product reviews

An example of unstructured data would include __________. A) names and addresses B) pictures C) financial statements D) product reviews

Purchase and returns data would be considered to be __________ data. A) categorical B) ordinal C) nominal D) interval

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

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

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

In a fixed asset ledger, the asset ID and description represent __________. A) categorical data B) numerical data C) unstructured data D) discretionary data

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

Earnings per share would be considered to be __________ data. A) ordinal B) nominal C) interval D) ratio

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

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

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

Data measuring transactions amounts for revenues and expenses would be considered __________. A) nominal data B) numeric data C) categorical data D) ordinal data

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