AIS_Mid_Q1_Data Analytics

What is the primary purpose of accounting data analytics?

• To create static reports

• To store financial details

• To derive meaningful insights

• To automate payroll

How does accounting data analytics add value to a company?

• By boosting revenues and reducing costs

• By increasing the number of employees

• By focusing solely on historical data

• By limiting data access

What type of data can accounting data analytics monitor?

• Only structured data

• Both structured and unstructured data

• Only financial data

• Only unstructured data

Which of the following is a benefit of using big data in finance?

• Limited data sources

• Manual data entry

• Real-time market analysis

• Static monthly reports

What is data mining in accounting primarily used for?

• To create financial reports

• To identify patterns in data

• To increase employee productivity

• To reduce software costs

Which of the following is a key application of big data analytics in finance?

• Static customer profiles

• Real-time stock market insights

• Manual forecasting

• Monthly financial summaries

What is a crucial ethical consideration for data analysts?

• To avoid using machine learning

• To ensure transparency and protect privacy

• To limit data access to management only

• To manipulate data for better results

How does automation in accounting benefit accountants?

• Increases manual errors

• Reduces efficiency

• Boosts speed and accuracy

• Limits data analysis capabilities

What is one of the main advantages of using machine learning in data analytics?

• Automated predictions and decision-making

• Increased human error

• Slower data processing

• Limited data analysis

What does TallyPrime provide in the context of accounting data analytics?

• Manual report generation

• Comprehensive business management tools

• Limited data storage options

• Only basic accounting functions