Chapter 1

Question 1

What are Data

Answer 1

data are raw figures and facts

Question 2

Explain information

Answer 2

use technology to transform raw data and facts into knowledge

Question 3

Describe data analytics

Answer 3

process of analyzing raw data into insight and provinding and answer

Question 4

Self Service Business Intelligence (SSBI)

Answer 4

analyze data , report data
ex: excel,tableu,power Bi

Question 5

What does data analytics do for auditor

Answer 5

Auditors can review entire data sets to identify all
exceptions, anomalies, and outliers.
Data driven audits reduce the time the client spends
gathering information for the auditor and allows
more time for the analysis, making audits a better
experience for everyone involved.

Question 6

What does data analytics do for financial accountant

Answer 6

SSBI software lets financial accountants perform
analytics and create financial dashboards to support
decision-making.
* A dashboard is a graphical user interface that shows
key performance indicators for an organization.

Question 7

What does data analytics do for managerial accountant

Answer 7

More easily use data to help identify and manage risks
Improve budgeting and forecasting
automated internal reporting
help identify operational improvement
create dashboards and key performance indicators

Question 8

What does data analytics do for tax accountant

Answer 8

Data analytics is used to help with tax compliance.
* Automation of data gathering for tax compliance
can help speed the process, leaving the tax
accountant with more time to do tax analysis and
planning.
* Tax dashboards can help organizations monitor
real-time tax positions

Question 9

Describe the step in data analysis process

Answer 9

1 : Plan
2: Analyze
3: Report
MOSAIC : put all together

Question 10

Stage 1 : Plan involve

Answer 10

identifying motivation for analysis
Determining the objective and questions to answer
Devising a strategy to perform the analysis

Question 11

What are Data analysis methods

Answer 11

Descriptive : What
Diagnostic : why
Predictive : What might
Prescriptive : what should

Question 12

Stage 2 : Analyze

Answer 12

Data preparation
Building information models
Exploring the data

Question 13

What happen stage data preparation

Answer 13

Preparing the data for analysis is a critical step in this stage,
referred to as extract, transform, and load(load to a systems) (ETL)

Question 14

What is building information models

Answer 14

Information modeling is the creation of information needed for
analysis purposes, starting from the data collected.
*Examples are calculations such as net income, profit margin, total
assets, or even break-even point in sales dollars.

Question 15

Explain MOSAIC

Answer 15

m = motivation
o=objectives
S = strategy
A= analyze
I = interpret
C= communication

Question 16

What are the skills necessaire to perform data analysis

Answer 16

Critical Thinking
* Data Literacy
* Technology Skills
* Communication Skills

Question 17

Whats a data analysis mindset

Answer 17

A data analytics mindset is the professional habit of
critically thinking throughout the data analysis
process before making and communicating a
professional choice or decision

Question 18

What are the six element of critical thinking ( SPARKS)

Answer 18

S = Stakeholders
P= Purpose
A= Alternative
R= Risks
K= Knowledge
S= Self reflection

Question 19

What are the 4 areas of risk

Answer 19

Data= choosing wrong data
Analysis = choosing wrong methods
Biases
Assumptions