1 Solution Manual for Data Analytics for Accounting 3rd Edition/ Chapter 1-3 Covered/ Practice Questions with 100% Correct Answers.
Chapter 1 Questions with Correct Answers
Data analytics ✓ The process of evaluating big data to draw conclusions for business questions.
Volume ✓ One of the characteristics of big data, referring to the large amount of data being analyzed.
As mentioned in the chapter, which of the following is not a common way that data will need to be cleaned after extraction and validation?Multiple Choice
- Remove headings and subtotals.
- Format negative numbers.
- Clean up trailing zeroes.
- Correct inconsistencies across data. - ANSWER - C. Clean up trailing zeroes.
Why is Supplier ID considered to be a primary key for a Supplier table? – ✓ It contains a unique identifier for each supplier.
What are attributes that exist in a relational database that are neither primary nor foreign keys? – ✓ Descriptive attributes 1 / 3
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what is Similarity matching – ✓ An approach in data analytics that identifies similar individuals based on known data about them.
what is Clustering – ✓ An approach in data analytics that divides individuals into groups in a useful or meaningful way.
Variety – ✓ One of the characteristics of big data, referring to the different types and sources of data being analyzed.
Veracity – ✓ One of the characteristics of big data, referring to the accuracy and reliability of the data being analyzed.
Big Data Value – ✓ One of the characteristics of big data, referring to the potential insights and value that can be derived from analyzing the data.
Velocity – ✓ One of the characteristics of big data, referring to the speed at which data is generated and needs to be analyzed.
Analyzing data – ✓ The process of examining and interpreting data to identify patterns, relationships, and insights.
Testing hypotheses – ✓ A method of analyzing data by formulating and testing theories or assumptions. 2 / 3
3 Why is data analytics important to businesses? – ✓ CEOS think that data analytics create lasting value, and are strategically important
Data Engineer (Job and required skills)
✓ Converts raw data into usable data. Skills required:
Data modeling, Hardware, Networking, Database administration
Data Analyst (Job and required skills) –
✓ Uses the data to generate insights. Skills required:
Data transformation, Programming or coding, Business processes
Data Scientist (Job and required skills) – ✓ Uses data analytics and data engineering to predict the future using past data. Skills required: Data modeling, Statistics, Programing/coding, high-level math
Business Analyst (Job and required skills) – ✓ Uses the insights and predictions to drive decisions that benefit and grow business. Skills
required: Data transformation, Business processes, Visualization
Asking further and better questions – ✓ A step in the data analytics process that involves refining and expanding the initial question based on the insights gained from analysis.
what is Co-occurrence grouping – ✓ An approach in data analytics that discovers associations between individuals based on transactions involving them.
what is Profiling – ✓ An approach in data analytics that characterizes the typical behavior of an individual, group, or population by generating summary statistics about the data.
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