Question 1

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

Accepted Answer

Most estimates suggest that the vast majority of enterprise data, often cited as around 80% or more, is unstructured, not structured. Unstructured data includes emails, videos, audio files, social media posts, and more, which do not fit neatly into traditional database tables.

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

Accepted Answer

Accounting Data Analytics refers to the use of technologies, systems, and methodologies to analyze both accounting and non-accounting data, assisting organizations in making informed business decisions.

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

Accepted Answer

A Customer Relationship Management System (CRM) is designed to manage a company's interactions with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships, specifically focusing on customer retention and ultimately driving sales growth.

Question 4

Managerial accounting systems generally compare budgeted performance to actual performance.

Accepted Answer

Managerial accounting systems often involve comparing budgeted performance to actual performance as a means to monitor, control, and plan future activities within an organization. This comparison helps in identifying variances and making necessary adjustments.

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

Accepted Answer

An 8-K filing is used to notify investors of significant events that shareholders should be aware of, such as the appointment of a new CFO.

Question 6

Financial statements would generally be considered to be unstructured data.

Accepted Answer

Financial statements are considered structured data because they are organized in a specific, standardized format that allows for easy access and analysis, typically in tables and ledgers.

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

Accepted Answer

The difference between data from blogs and pictures versus financial data exemplifies the "Variety" aspect of Big Data, which refers to the different types of data (structured, unstructured, semi-structured) being generated from various sources.

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

Accepted Answer

The SEC form 10-Q is used for quarterly financial reporting. The 10-K is for annual reports, the 8-K is for significant events, and the S-1 is for initial public offerings.

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.

Accepted Answer

An earnings call is indeed a conference call or webcast where company management discusses financial results, such as earnings, revenue, and future outlook, with analysts, investors, and sometimes the media. This event typically follows the release of the company's earnings report.

Question 10

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

Accepted Answer

The AMPS model emphasizes starting with a clear understanding of the analytical question or problem before considering what data is available or needed, ensuring that the analysis is focused and relevant.

Question 11

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

Accepted Answer

Managerial accounting systems do indeed consider the cost-benefit principle, which means that the cost of acquiring data should not exceed the value of the data obtained. This principle ensures that the resources spent on gathering and analyzing information are justified by the benefits derived from using that information.

Question 12

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

Accepted Answer

HRMS is designed to manage various HR functions such as recruitment, onboarding, payroll, performance management, and more, thus handling interactions with both 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

Accepted Answer

Conference call transcripts are the records of interactive sessions between the company's management and investors, analysts, or any interested shareholders, where they can ask questions and receive answers directly from the company's leadership.

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

Accepted Answer

Instagram pictures are examples of unstructured data because they do not follow a predefined model and are not easily searchable without metadata. Financial statements, on the other hand, are structured data because they follow a specific format and can be easily entered, searched, and analyzed in databases.

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

Accepted Answer

Supply chain data can provide insights into the availability and movement of products, helping to evaluate the supply of the product available.

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

Accepted Answer

The difference in timing between the UK and US financial statement issuance addresses the "Velocity" aspect of Big Data, as it relates to the speed at which data is generated and processed.

Question 17

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

Accepted Answer

Economic data and analysis reports provide valuable insights into market trends, consumer behavior, and economic conditions, which help accountants make more informed and accurate budgets and forecasts of earnings.

Question 18

Social media would generally be considered to be unstructured data.

Accepted Answer

Social media data is typically unstructured because it comes in various formats such as text, images, videos, and emojis, which do not fit neatly into traditional database tables.

Question 19

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

Accepted Answer

Veracity refers to the quality of the data, including its accuracy and reliability. In accounting, data with higher veracity is more impactful because it provides a more accurate and trustworthy basis for analysis, decision-making, and addressing accounting questions.

Question 20

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

Accepted Answer

Social media generates vast amounts of unstructured data daily through user posts, comments, likes, and shares, far exceeding the structured and periodically released financial statement data from companies.

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

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

_____ 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.

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

Managerial accounting systems generally compare budgeted performance to actual performance.

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

Financial statements would generally be considered to be unstructured data.

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?

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

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.

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

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

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

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

Whereas __ would generally be considered to unstructured data, _ would generally be considered to be structured data.

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

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?

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

Social media would generally be considered to be unstructured data.

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

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