Data Analytics For Accounting
Data Analytics For Accounting
19th Edition
ISBN: 9781260375190
Author: RICHARDSON, Vernon J., Teeter, Ryan, Terrell, Katie
Publisher: Mcgraw-hill Education,
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Chapter 1, Problem 6MCQ
To determine

Identify the appropriate answer for the given statement from the given choices.

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Which of the following is true about designing an accounting−based performance​ measure?   A. ​Management's beliefs are not required during the analyses.   B. The issues considered in each step are independent.   C. The decisions made in steps are followed in a hierarchical order.   D. Behavioral criteria are important when evaluating the steps
Accountants at an organization that uses an ERP system speak in terms of "data flows" between modules. Justify the accountants' inaccuracy, and suggest a more appropriate word for them to use.
Data flows are a word accountants use to describe how information moves between modules in an ERP system. Justify the inaccuracy of the accountants and provide a better term for them to utilize.
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  • Which of the following statements regarding the balanced scorecard is not correct? a. It seeks to address the problems associated with traditional financial measures used to assess performance. b. The notion of value chain analysis plays a major role in the drawing up of a balanced scorecard. c. It relies on the perception of the users with regard to service provided. d. It is directly derived from scientific management theories.
    While business decisions should be data-driven and usually involve consideration of quantitative financial information, that doesn't mean that qualitative information is not important as well. The goal of management accounting is to provide relevant information for decision-making. Qualitative considerations require subjective judgement and need multiple opinions. List and discuss 4 examples of such qualitative considerations for both decisions to accept or reject a special order and make or buy decisions.
    Which of the following sets of application characteristics of an accounting application might influence the selection of data entry devices and media for a computerized accounting system?a. Timing of feedback needs relative to input, need for documentation of an activity, and the necessity for reliability and accuracy.b. Cost considerations, volume of input, complexity of activity, and liquidity of assets involved. c. Need for documentation, necessity for accuracy and reliability, volume of output, and cost considerations. d. Relevancy of data, volume of input, cost considerations, volume of output, and timing of feedback needs relative to input. e. Type of file used, reliability of manufacturer’s service, volume of output, and cost considerations.
  • What type of analytics would encompass creating Key Performance Indicators (KPI’s) from the information reported in financial statements?    Multiple Choice Diagnostic analytics Predictive analytics Descriptive analytics Prescriptive analytics
    Historically, performance measurement systems have been based on accounting or other quantitative numbers. One issue is that some accounting numbers can be affected by the actions of managers, and this may result in distorted performance results. A well-designed performance measurement system should eliminate these potential conflicts, as much as possible. There is a way to prevent these issues associated with using accounting measures as performance measures through use of nonaccounting measures in conjunction with accounting-based measures to help mitigate the problems of using accounting-based measures alone. Most performance measurement systems today use a combination of accounting-based measures and non-accounting-based measures, short-term or long-term indicators, or quantitative and qualitative components. True / False
    The qualitative characteristics that make accounting information useful for decision-making purposes are as follows. Relevance   Neutrality   Verifiability Faithful representation   Completeness   Understandability Predictive value   Timeliness   Comparability Confirmatory value   Materiality   Free from error Instructions Identify the appropriate qualitative characteristic(s) to be used given the information provided below. a.    Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. b.    Quality of information that confirms users’ earlier expectations. c.    Imperative for providing comparisons of a company from period to period. d.    Ignores the economic consequences of a standard or rule. e.    Requires a high degree of consensus among individuals on a given measurement. f.    Predictive value is an ingredient of this fundamental quality of information. g.    Four qualitative characteristics that are…
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