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ACCT3130 - Accounting Analytics > Exam 1 Review > Flashcards

Exam 1 Review Flashcards

1
Q

What is Data Analytics?

A

Data analytics is the process of evaluating data with the purpose of drawing conclusions to address business questions.

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2
Q

What are the 5 Vs?

A
  1. Volume
  2. Velocity
  3. Variety
  4. Veracity
  5. Volume
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3
Q

What does “volume” of the 5 Vs refer to?

A

Scale of data

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4
Q

What does “velocity” of the 5 Vs refer to?

A

Frequency of incoming data

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5
Q

What does “variety” of the 5 Vs refer to?

A

Different forms of data

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6
Q

What does “veracity” of the 5 Vs refer to?

A

Uncertainty of data

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7
Q

What does “value” of the 5 Vs refer to?

A

The value the data and its analysis can create

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8
Q

What is the impact cycle?

A

Identify
Master
Perform
Address
Communicate
Track

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9
Q

What does “identify” stand for?

A

Identify the questions: understand the business problems that need addressed

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10
Q

What does “Master” stand for?

A

Master the data: Know what data are available and how they relate to the problem

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11
Q

What does “Perform” stand for?

A

Perform the test plan: Select an appropriate model to find a target variable

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12
Q

What does “Address” stand for?

A

Address and refine results: Identify issues with the analyses, problem issues and refine the model

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13
Q

What does “Communicate” stand for?

A

Communicate insights: Communicate effectively using clear language and visualizations

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14
Q

What does “Track” stand for?

A

Track outcomes: Follow up on the results of the analysis

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15
Q

How does having more data around us translate into value for a company?

A

The data alone is not useful, but if we are able to use it effectively and analyze it to address business solutions we can increase value.

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16
Q

How do you translate common business questions into fields and values?

A
  1. Understand & Define the problem. Frame the business problem. Prepare for a decision.
  2. Set analytic goals and scope your solution. Set objectives and define milestones. Design minimum viable product. Identify target metrics.
  3. Plan the analysis.
17
Q

What is a data dictionary?

A

Centralized repository of descriptions for all of the data attributes of the dataset.

18
Q

What is data quality?

A

The completeness, reliability and validity of the data

19
Q

How is data organized in an accounting information system?

A

Value
Field
Records
Files
Database

20
Q

How is data stored in a relational database?

A

Primary key, foreign key and single valued data

21
Q

What is a primary key?

A

Primary keys are unique identifiers. Most of the time numbers.

22
Q

What is a foreign key?

A

Foreign keys are attributes that point to a primary key in another table.

23
Q

What is ETL?

A

The extract, transform, and load process that is integral to mastering the data.

24
Q

What is ELT*?

A

The same thing, but used when everything can be done in one program

25
Q

What steps do you need to do in Power Query?

A
  1. Determining the purpose and scope of the data request
  2. Obtaining the data
  3. Validating the data for completeness and integrity
  4. Cleaning the data
  5. Loading the data
26
Q

What is cleaning data?

A

Identifying incomplete, incorrect, inaccurate or irrelevant parts of the data and then replacing, modifying, or deleting the dirty or coarse data.

27
Q

What are the four categories of Data Analytics?

A
  1. Descriptive
  2. Diagnostic
  3. Predictive
  4. Prescriptive
28
Q

What are descriptive statistics?

A

Descriptive analytics are procedures that summarize existing data to determine what has happened in the past.

29
Q

What are diagnostic analytics?

A

Diagnostic analytics are procedures that explore the current data to determine why something has happened the way it has, typically comparing the data to a benchmark.

30
Q

What are predictive analytics?

A

Predictive analytics are procedures used to generate a model that can be used to determine what is likely to happen in the future.

31
Q

What are prescriptive analytics?

A

Prescriptive analytics are procedures that model data to enable recommendations for what should be done in the future.

ACCT3130 - Accounting Analytics (1 decks)

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