Compare and contrast the difference between the retrospective analytics approachand the predictive analytics approach to data analytics.

Q: Distinguish between quantitative and qualitative factors in decision making.

A: Qualitative Factor:Qualitative factors are those factors which cannot be expressed in the financial…

Q: Discuss the sensitivity of the model to changes in the value of the input variables

A: It is a technique that is used to get the estimates of independent variables by changing the…

Q: Which of the following is not one of the main issues regarding data collection which can…

A: Data collection is one of the modt fundamental and important steps in any statistical analysis. If…

Q: Should an auditor wishing to assess the adequacy of separation of functions examine a data flow…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: This chapter stressed the importance of data normalization when constructing a relational database.…

A: Data warehousing is a method through which an organization collects and manages the data from the…

Q: Ratios are an input into which step in the fi nancial statement analysis framework? C .…

A: Ratio analysis is a quantitative approach of looking at the financial statements such as the balance…

Q: How can spreadsheet software, such as Excel, help with sensitivity analysis?

A: Sensitivity analysis: The method used to evaluate and analyze the various reasons for achieving the…

Q: Understand how various factors influencethe size of an attributes sample and how todetermine the…

A: Audit Sampling is a process in which an audit is done based on various samples collected or…

Q: How has the advent of the electronic spreadsheet affected the use of sensitivity analysis?

A: Sensitivity analysis:

Q: What factors influences the decision to employ real time data collection with batch updating rather…

A: Batch Processing through Real Time Data collection system:Real time processing process the…

Q: Descriptive statistics consists of methods for organizing, displaying, and describing data by using…

A: A data set in original form usually very large, consequently such data is not very helpful in…

Q: How will you collect, classify and present statistical data?

A: For statistical analysis, there are several methods used to gather or collect data. Three of the…

Q: What is a semantic data model?

A:

Q: Explain why there is a trade-off between information accuracy and information timeliness. Give an…

A: Report: The formal document used for providing information to the managers is called a report. The…

Q: What is meant by volatility clustering? Briefly describe two models that areused to describe data…

A: When the large changes in financial asset prices are bundled together that further leads to results…

Q: Test data, an integrated test facility, and parallel simulation are compared and contrasted.…

A: Introduction: Test data is data used solely for testing within computer programs, and it is…

Q: If you believe IRR is the most reliable tool, please provide some additional data to support that…

A: IRR can be defined as the discount rate at which the present value of all future cash flows (or…

Q: What are the levels of data hierarchy?

A: Accounting Information System:   This refers to a system that is adopted by an organization to…

Q: What is the connection between audit sampling and audit data mining?

A: Audit sampling is the method in which audit procedure are performed on less than 100% data. In…

Q: What are the two main variables the researcher should consider collecting data for the purpose of…

A: Research is the systematic study of finding solutions to a problem. It is the search for extending…

Q: Compare judgmental, time series, and causal forecasting models.

A: Judgmental models are the subjective criteria in which gauges are based on master ideas. Individuals…

Q: Describe the relationship between Simulation analysis, Scenario analysis and Sensitivity analysis –…

A: Sensitivity Analysis refers to an assessment of the impact of the changes in one variable on the NPV…

Q: Identify the most important reasons for performing analytical procedures

A:

Q: Discuss three audit implications of XBRL and the impact of XBRL on data analytics.

A: XBRL stands for "extensible business reporting language" which is a type of electronic language for…

Q: Interpretation of the data:

A: We are provided with the monthly sales report and in order to better interpret the data we will have…

Q: List Common Types of Analytical Procedures

A: Definition:   Analytical procedures: Analytical procedures are a method by which standard balances…

Q: Ratios are an input into which step in the fi nancial statement analysis framework? A . Process…

A: The analysis of financial statements is the method of review for the decision-making of a firm's…

Q: Define descriptive and inferential statistics.

A: Descriptive Statistics: Analysis of data that helps in describing, showing or summarizing data in a…

Q: Outline the important considerations that should inform any given research data analysi

A: Data Analysis is the systematic process which uses statistical and/or logical techniques to outline…

Q: POS stands for Point of Sale. List the benefits they have over traditional data collecting methods.

A: Ans. Point of Sale is the place where actual sale and purchase takes place. Payment is made at this…

Q: As an accountant, why would you need to be familiar with data normalization techniques?

A:

Q: What is the difference in a data and findings?

A: Data is the combination of raw facts which is used for providing information and conclusions to the…

Q: Give an example where researchers have used an event study and what did they find? Was it consistent…

A: Efficient Market: An efficient market means the current price of a security fully reflects all…

Q: What is the audit team’s goal in performing them in an attributessampling application?

A: Attributes sampling involves selecting a small number of transactions from the given population of…

Q: Define each of the following terms: e. Sensitivity analysis; scenario analysis; Monte Carlo…

A: Sensitivity Analysis is a tool used in financial modeling to analyze how the different values of a…

Q: Describe sensitivity analysis.

A: Sensitivity analysis refers to the budgeting tool used to evaluate the project based on the net…

Q: Which of the following is NOT a characteristic of effective information? a. relevance b. accuracy c.…

A:

Q: Difference Between Traceability and Controllability? Explain briefly in points.

A: Traceability and controllability are two concepts used in cost accounting. These are the forms of…

Q: Explain Prepayment Assumptions?

A: Prepayment model : In simple words, A prepayment model is employed in banking to forecast the amount…

Q: Understand how to use sequential sampling,discovery sampling, and nonstatisticalsampling in…

A: