Ch 2

Question 1

What is the purpose of accounting analytics data?

Answer 1

find fraud
value receivables
inventory
PPE
estimate budgets

Question 2

Mastering data

Answer 2

considers data sources to find data data can answer the question (why did it happen)

Question 3

Big Data

Answer 3

datasets too large/complex for systems to capture, store, manage, etc

Question 4

Volume

Answer 4

the amount of data
ex: click stream, log, event

Question 5

Variety

Answer 5

the form of the data
structured vs unstructured

Question 6

Velocity

Answer 6

the speed that the data is being generated

Question 7

Veracity

Answer 7

the quality of the data
(untrusted/uncleansed)

Question 8

What are the types of financial accounting data?

Answer 8

financial statements
journals
ledgers

Question 9

What are the types of financial accounting-related data?

Answer 9

conference call transcripts, press releases, XBRL, SEC filings

Question 10

What are the types of managerial accounting data?

Answer 10

budget, cost, POS, drivers, supply chain, customer relationship, HR

Question 11

What are the types of tax data?

Answer 11

depreciation, R&D, tax sources

Question 12

How does nonaccounting data enhance accounting?

Answer 12

GDP, CPI, unemployment rates
used for diagnostic and predictive analytics
help predict labor costs and profitability

Question 13

10-K

Answer 13

annual report discussing main operations, products and services, risks, financial data, management discussion and analysis, and financial statements

Question 14

10-Q

Answer 14

an abbreviated version of a 10-K

Question 15

8-K

Answer 15

notifies investors of events (management changes, acquisitions, sales, change in audit firm/accountant)

Question 16

What are some financial statements?

Answer 16

balance sheet, income statement, statement of cash flows, statement of stockholders’ equity

Question 17

general journal

Answer 17

journal entries recording transactions with information such as which accounts are debited/credited, the amounts, who recorded the entry, what time, who authorized or approved

Question 18

special journal

Answer 18

similar transactions might be grouped and recorded
ex: sales journal, cash receipts journal, cash disbursements journal

Question 19

general ledger

Answer 19

summarizes all journal entries and forms the basis of the financial statements

Question 20

sub-ledgers

Answer 20

give detailed information behind specific accounts such as fixed assets, receivables, and inventory

Question 21

analyst research report

Answer 21

combines financial statements, conference calls, meetings with managers and competitors
- analyst opinion will be given on whether to buy, hold, or sell stock