Data Analytics in Accounting Quiz

What is the total amount of data forecasted to be created globally by 2025?

• 64.2 zettabytes

• 180 zettabytes

• 345 billion

• More than eBay and Amazon combined

What does Big Data refer to?

• Datasets that are too large and complex for existing systems

• Data sets characterized by huge amounts of frequently updated data

• Data that is easy to manage and analyze

• Data that is only used for financial reporting

What is the process of Data Analytics aimed at?

• Transforming raw data into knowledge

• Collecting data for compliance

• Storing data in large databases

• Creating data visualizations

What percentage of accountants believe data analytics improves the quality of decisions?

• 82%

• 76%

• 73%

• 68%

What is the first step in the data analytics process using the IMPACT cycle?

• Identify the Questions

• Master the Data

• Perform Test Plan

• Communicate Insights

What skills should analytic-minded accountants develop?

• Data scrubbing and data preparation

• Building data repositories

• Advanced statistical analysis

• Programming in Python

What is a common challenge associated with Big Data?

• Data storage costs are decreasing

• Data analysis requires no specialized skills

• Data is always structured

• Data privacy and security concerns

What is the primary benefit of using data visualization in analytics?

• It simplifies complex data sets

• It guarantees accurate predictions

• It eliminates the need for data analysis

• It increases data storage capacity