CH 1 Flashcards
How does increasing data availability and computerization affect the accounting profession?
- information overload hinders accountants
- computers are doing analytics work
- Robotic process automation (RPA)
What are the levels of Bloom’s Taxonomy?
remember, understand, apply, analyze, evaluate, create
Where do machines excel in Bloom’s Taxonomy?
remember, understand, apply
Where do accountants excel in Bloom’s Taxonomy?
analyze, evaluate, create
What are the 4 parts of the AMPS model?
Ask the Question
Master the Data
Perform the Analysis
Share the story
What are the four types of analytics?
Descriptive, Diagnostic, Predictive, Prescriptive
data integrity
truth in data
data that is accurate, valid, consistent
structured data
can be organized into a table
What software tools are used for data prep?
excel, sql, alteryx, tableau, Power BI
What software tools are used for analysis
excel, sas, spss, r, python
what software tools are used for visualization
excel, tableau, power BI
what might a pivot table be used for?
to summarize the accounts receivable aging or post journal entries to a trial balance.
what might a cash flow analysis be used for?
to evaluate capital investments made by the firm or equity investments made by a potential investor
what might data visualization be used for?
to help evaluate journal entries that are excessively big or excessively small (or negative) with the testing of internal controls
what might a regression analysis be used for?
to evaluate cost behavior by segregating total costs into fixed and variable cost components
