Question 1

Ordinal data ranks or order numerical data.

Accepted Answer

Ordinal data ranks or orders categorical data, not numerical data.

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

Accepted Answer

Facebook, Twitter, and Instagram posts are considered unstructured data because they consist of text, images, and videos that do not follow a predefined model or format, making them complex for traditional databases to understand and process.

Question 3

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

Accepted Answer

Sales data are considered ratio data because they have a meaningful zero point (indicating no sales) and the differences between data points can be measured. Ratio data allows for a wide range of both descriptive and inferential statistical analyses.

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.

Accepted Answer

Recording whether a product is in stock can be done either by using a categorical flag (such as Y for yes or N for no) to indicate availability, or by reporting the exact number of items on hand as a numerical value, which provides more detailed inventory information.

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

Accepted Answer

Data from financial statements is typically organized in a structured format, such as tables or spreadsheets, making it easy to access and analyze systematically.

Question 6

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

Accepted Answer

Customer ratings for products, such as those on Amazon, are typically represented numerically (e.g., 1 to 5 stars), making a number the most appropriate data type.

Question 7

Nominal data is numerical data that cannot be ranked.

Accepted Answer

Nominal data is categorical data that cannot be ranked or ordered. It represents categories or labels that are used to identify attributes of elements.

Question 8

Interval data does not have a meaningful zero.

Accepted Answer

Interval data is characterized by equal intervals between measurements, but it does not have a true zero point that indicates the absence of the quantity being measured. Examples include temperature scales like Celsius or Fahrenheit, where zero does not mean 'no temperature'.

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

Accepted Answer

The total number of transactions is the sum of return and sales transactions, which is 60 + 150 = 210. The proportion of return transactions to all transactions is therefore the number of return transactions (60) divided by the total number of transactions (210), which is 60/210.

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

Accepted Answer

Ordinal data is used to rank order items, individuals, or events, which is exactly what noting first, second, and third place awards does. It does not provide exact differences between ranks, nor does it have a true zero point, which distinguishes it from ratio and interval data. While it is numerical in the sense that numbers can represent the ranks, the term "numerical data" is too broad and does not specifically capture the nature of the data's organization by rank.

Question 11

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

Accepted Answer

A data map is not a centralized repository; it is a tool or process used to match fields from one database to another, often used in data integration or migration. A data dictionary or metadata repository would be a centralized repository of information about data.

Question 12

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

Accepted Answer

A data catalog and a data dictionary are related as both are tools used for data management and governance. A data dictionary provides detailed information about the data's metadata, while a data catalog organizes and locates data across a large dataset, often including data dictionaries as part of its metadata management.

Question 13

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

Accepted Answer

Ratio data is data that can be used to calculate ratios. The dollar amounts included in the financial statements can be used to calculate ratios, such as the debt-to-equity ratio or the current ratio.

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).

Accepted Answer

Audit opinions are qualitative in nature as they categorize the financial statements based on their adherence to accounting standards, rather than quantifying any aspect of the financial statements.

Question 15

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

Accepted Answer

Proportion is most effectively used with categorical data, as it represents the relative frequency of a category within a dataset.

Question 16

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

Accepted Answer

Transaction_ID is considered categorical data because it is used to categorize or identify individual transactions without implying any quantitative relationship or order between them.

Question 17

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

Accepted Answer

Ranking is specifically suited for ordinal data, where the data can be ordered or ranked but the intervals between data points are not necessarily consistent or known.

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

Accepted Answer

Net book value is calculated as the original cost of an asset minus accumulated depreciation, providing the remaining value of the asset on the books.

Question 19

Ratio data has an absolute zero.

Accepted Answer

Ratio data is defined by the presence of an absolute zero point, indicating the absence of the variable being measured, allowing for the calculation of ratios between data points.

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

Accepted Answer

The total number of transactions over the three days is 6 + 3 + 10 = 19. The proportion of 11/1 transactions to the total is therefore 6/19.

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

Ordinal data ranks or order numerical data.

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

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

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.

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

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

Nominal data is numerical data that cannot be ranked.

Interval data does not have a meaningful zero.

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

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

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

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

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).

Proportion is used most effectively with __________ data.

Transaction_ID would be considered to be __________.

Ranking is a summarization method for which type of data?

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

Ratio data has an absolute zero.

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?