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Data Analytics > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

What is Bloom’s taxonomy

A

a hierarchical view of critical thinking skills

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2
Q

Where do accountants play a role in blooms taxonomy

A

Create, Evaluate, Analyze

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3
Q

Where do machines excel in blooms taxonomy

A

Apply, Understand, Remember

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4
Q

What is the order of Blooms Taxonomy

A

Top to bottom

Create
Evaluate
Analyze
Apply
Understand
Remember

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5
Q

What is the definition of create

A

combining parts to make a new whole

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6
Q

what is the def. of evaluate

A

judging the value of info or ideas

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7
Q

what is the def. of analyze

A

breaking down info into component parts

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8
Q

what is the def. of apply

A

applying the facts, rule, concepts and ideas

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9
Q

what is the def. of understand

A

understanding what the facts mean

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10
Q

what is the def of remember

A

recognizing and recalling the facts

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11
Q

What part of blooms taxonomy does the basic accounting curriculum address

A

remember, understand and apply

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12
Q

what part of blooms taxonomy does data analytics cover

A

the higher-order thinking skills (analyze, evaluate and create)

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13
Q

True or false… Accountants simply cannot analyze, evaluate and create if they do not already have the basic accounting knowledge and understanding required by the lower- level skills of remembering, understanding, and applying levels of critical thinking mastered.

A

True

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14
Q

What is the AMPS model

A

Ask the question
Master the Data
Perform the Analysis
Share the Story

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15
Q

What happened? What is happening?

is what type of analytics

A

Descriptive Analytics

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16
Q

Why did it happen? What are the root causes of past results?

is what type of analytics

A

Diagnostic Analytics

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17
Q

Will it happen in the future? What is the probability something will happen?

Is what type of analytics

A

Predictive Analytics

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18
Q

What should we do, based on what we expect will happen?

A

Prescriptive Analytics

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19
Q

Your Data wont speak unless you ask it the right questions relates to what part of the AMPS

A

ask the right question

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20
Q

what issues exist in data we want to analyze

A
  1. Can the data answer/address the question
  2. Does the data exhibit data integrity
  3. Does the data have errors
  4. Is data missing
  5. Is data biased
  6. What type of data is it
  7. What type of analysis does the data allow us to do
  8. Cost of acquiring vs. the benefit of using data
  9. Who owns the data
  10. Is the data hard to access
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21
Q

When is a PivotTable good to use

A

summarize the A/R aging or post- J.E to trial balance

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22
Q

When should a cash flow analysis be used

A

evaluate capital investments made by the firm or equity investments made by a potential investor

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23
Q

when should a data visualization be used?

A

histograms and scatterplots might be used to help evaluate J.E that are excessively big or excessively small with the testing of internal controls

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24
Q

When should a regression analysis be used

A

evaluate cost behavior by segregating total costs into fixed and variable cost components

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25
Q

What-If/Goal Seek Analysis

A

used to perform an analysis of how changing costs and other factors affect breakeven level for a new product

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26
Q

What is Benford’s Law

A

might be used to find and evaluate unusual and potentially fraudulent transactions

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27
Q

What is the best way to report what we’ve found in our data analytics

A

Static/Dynamic Visualizations

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28
Q

What are examples of static visualization and what are they created for

A

one-off analyses…

  • reports
  • graphs
  • tables
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29
Q

What are examples of dynamic visualization and what are they created for

A

updates on a continuous basis

  • Dashboards
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30
Q

T/F 91% of people prefer visual content over written content

A

True

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31
Q

What are data Acquisition and Preparation Tools and what part of AMPS is it for

A

Master the Data

Excel (basic)
Alteryx
SQL (structured query language)
Tableau Prep
Power Query (PowerBI)

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32
Q

What are data analysis Tools and what part of AMPS is it for

A

Perform the analysis

  • Excel, SAS, SPSS, Strat, R and Python
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33
Q

What are data visualization Tools and what part of AMPS is it for

A

Share the Story but can also be apart of perform the analysis

  • Excel, Tableau, Power BI, word and powerpoint
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34
Q

What is SQL

A

a tool to prepare data for analysis and is used to access specific data from very large datasets

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35
Q

What tools analyze data interactively

A

Excel (basic analysis)
- Pivot Tables
-Data Analysis Toolpak

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36
Q

What do pivot tables do?

A

An Excel function that analyzes data interactively

good for summarizations, and also organizes data. Allows reorganization and summarization of data using crosstabulations without changing the underlying spreadsheet.

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37
Q

What do data analysis toolpaks do?

A

An Excel function that analyzes data interactively
- access to specific analysis techniques, including descriptive statics, histograms, correlation, and regression

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38
Q

What tools analyze data programmitcally

A

SAS, SPSS, Strata - software analysis tools that emphasize statistics

R and Python - programming software tool used to perform advanced data analysis

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39
Q

What is accounting data analytics

A

encapsulated as the technologies, systems, practices, methods encapsulated as the technologies, systems, practices, methodologies, databases, statistics, and applications used to analyze diverse accounting and nonaccounting data to give organizations the information they need to make sound and timely business decisions.

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40
Q

What data sources do we consider for analysis

A
  • F.S
  • Macroeconomic statistics
  • Supply chain data
  • Financial analyst reports
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41
Q

Finding what data is available to answer the question is part of what AMPS

A

master the data

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42
Q

What are the four V’s

A

Volume
Velocity
Variety
Veracity

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43
Q

What are examples of volume? Four V’s

A

Click stream, Log, Event, Speech, Social Media, Traditional

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44
Q

What are examples of velocity? Four V’s

A

speed of generation, rate of analysis

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45
Q

What are examples of variety? Four V’s

A

unstructured, semi-structured, structured

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46
Q

What are examples of veracity?

A

untrusted vs. uncleansed data

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47
Q

How would you rate a balance sheet that is reported for G M four times a year based on the four Vs of Big Data (Volume, Variety, Velocity, and Veracity)?

A

Variety
*Structured
Veracity
* Data quality
* Belter quality,(trusted)
* better conclusions

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48
Q

Where do we find accounting data

A
  • Financial Statements
  • General Journal/Ledger
  • Financial Accounting-Related Data
  • Managerial Accounting Data
  • Tax Data
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49
Q

Financial Statements Include:

A
  • B/S
    -I/S
  • Statement of Cash flows
  • Statement of S.E
50
Q

What details do General Journal/Ledger show?

A
  • journal entries
  • general ledger
  • Fixed asset subledger
  • Receivables subledger
  • Inventory subledger
51
Q

What are the various locations where financial accounting-related data could be found

A
  • conference call transcripts
    -press releases
  • XBRL
  • filing with securities and excuange comissions
    • 10K - anual filings
    • 10Q - quarterly filings
    • 8K - report of material events or changes
52
Q

what are conference call transcripts

A

a place where financial accounting related data is found

  • CEO, CFO hold a chat to discuss quarterly results
53
Q

what is XBRL?

A

a place where financial accounting-related data is found

standards-based way of exchanging business information between business systems

54
Q

Standard cost data

A

allows variance analysis, comparing budget to actual

55
Q

POS transaction data

A

all information from the sale

56
Q

Potential cost drivers

A

all evaluation of best way to allocate overhead

57
Q

Supply Chain Data

A

system which tracks products from vendor to final customer

58
Q

Customer Relationship Management System Data

A

tracks everything about the customer

59
Q

HR Management System Data

A

System which tracks all information regarding employees

60
Q

What does tax data combine?

A

Internal and external data

61
Q

In a company where does tax data come from?

A

Financial reporting system

62
Q

where is tax information applicable to the tax function kep?

A

data warehouse or data mart

63
Q

Does managerial accounting data comprise enterprise data from various sources

A

yes

64
Q

can other non-accounting sources inform analyses

A

yes

65
Q

what are examples of other non-accounting sources that can inform analyses

A

Economic data, current and historical stock prices, social media, and analyst research reports

66
Q

Gross domestic product

A

a measure of economy-wide performances

67
Q

unemployment numbers

A

a measure of labor availability

68
Q

consumer price index

A

a measure of inflation

69
Q

housing market starts and price levels

A

generally regarded as a key measure of economic status

70
Q

What is economic data that can help identify trends in the market?

A
  • gross domestic product
  • unemployment #’s
  • consumer price index
  • housing market starts and price levels
71
Q

what do social media and chat boards help us understand

A

sentitment

72
Q

what do product reviews help determine

A

satisfaction and demand

73
Q

What do analyst reports and earnings forecasts such as value line do

A

show trends

74
Q

how are reading product reviews useful for predicting earnings

A

help predict financial information

75
Q

What is categorical data

A

data represented by words and categorizes groups

75
Q

What do pivot tables do

A

summarize data and is a tool that allows the reorganization and summarization of certain data without changing the underlying spreadsheet

76
Q

what is numerical data

A

meaningful numbers

77
Q

what is nominal data

A

type of categorical data that cannot be ranked

78
Q

what are examples of nominal data

A

gender, transaction type, depreciation method

79
Q

what is nominal data summarized by

A

counting and grouping

80
Q

what is ordinal data

A

type of categorical data that can be ranked

81
Q

what are examples of ordinal data

A
  • gold bronze
  • survey answers
  • ## transaction dates
82
Q

What is interval data

A

a type of numerical data where there is an equal interval between each observation

83
Q

which type of data is able to be multiplied, summed and other complex numerical equations

A

interval data

84
Q

what are examples of interval data

A

SAT scores
Farenheit Temperature

85
Q

what is ratio data

A

type of numerical data, with equal and definitive ratio between each data point and absolute zerow

86
Q

what are examples of ratio data

A

height, weight, accounting FS figures, kelvin temp scale

87
Q

where would transaction type be summarized on a pivot table

A

Row feild

88
Q

what would amount range be summarized on a pivot table

A

value feild

89
Q

Is current depreciation a static number or a calc. field based on the passage of time

A

calc feild

90
Q

is net book value a static or calc. field

A

calc field

91
Q

How is time remaining to order calculated?

A
92
Q

what is a data dictionary

A

a centralized repository of information about data containing a seperate record for each feild/variable in the table/database

93
Q

what could be done with the coupon - should it be in product or sales database

A

both

94
Q

what goes with the quote…“its data about data”

A

data dictionary

95
Q

what is excels relative advantage

A

best at data analysis, has tools that create PT, graphs and performing stat. analysis

96
Q

what is tableaus relative advantage

A

best for visualization, does not allow for orignal data entry

97
Q

what is the relative advantage of databases

A

most secure way of storing data

98
Q

what is the difference between a relational data base and data dictionary

A

relational database has multiple tables

99
Q

what are the three components to a relational database

A

tables
feilds
records

100
Q

tables definiton

A

data organized into sets of columns (fields) and rows (records)

101
Q

fields defintion

A

descriptive columns that contain information about the observation in the table

102
Q

records definiton

A

these are rows in a table, each record or row, corresponds to a unique instance of what is being described in the table

103
Q

do feilds or records contain the foreign and primary key

A

fields

104
Q

what is the primary key

A

unique identifier in each table

105
Q

in the transaction table what is the primary key

A

transaction_ID

106
Q

what is foreign key

A

exists to create a relationship or link between two tables

107
Q

How do entity relationship diagrams represent database tables

A

graphically

108
Q

what is an ER diagram

A

graphical representation of an information system and its relationship with events within the system

109
Q

What are the internal controls that relational databases enable

A

-preventative controls
- security around data entry
- reduce redundancy and cut down error
- reduces the possibility of having more than one truth

110
Q

How do relational databases enhance data integrity

A
  • free from error
    -complete
    -neutral
111
Q

what does ETL stand for

A
  • EXTRACT data from sources
  • TRANSFORM data into different data types
  • LOAD data into other tools for further analysis
112
Q

T/F excel allows analysts to query data from sources

A

T

113
Q

T/F is is important to understand the frequency of refreshing data

A

T

114
Q

T/F Tableau does not require access to another data source

A

F

115
Q

Does Structured Query Language (SQL) enable filtered transaction

A

YEs

116
Q

When do we want to use SQL

A

want to extract price columns and rows needed to answer the data analysis problems

117
Q

SQL filters are…

A

SELECT feilds
FROM tables
WHERE filter (usually dates)

118
Q

Can Excel pull data from the internet?

A

YES

119
Q
A

Data Analytics (3 decks)

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