CHAPTER 1 DATA AND ANALYTICS IN THE ACCOUNTING PROFESSION Learning Objectives: LO 1.1: Summarize how advances in data and technology are impacting accounting professionals. LO 1.2: Describe the stages of the data analysis process. LO 1.3: Identify the skills necessary to perform data analysis. LO 1.4: Explain how to apply a data analytics mindset during the data analysis process. ANSWERS TO MULTIPLE CHOICE QUESTIONS 1. A LO 1.1, BT: K, Difficulty: Easy, TOT: 2 min, AACSB: Knowledge, AICPA FC: Leverage Technology to Develop and Enhance Functional Competencies 2. C LO 1.1, BT: K, Difficulty: Easy, TOT: 2 min, AACSB: Knowledge, AICPA FC: Leverage Technology to Develop and Enhance Functional Competencies 3. C LO 1.2, BT: K, Difficulty: Easy, TOT: 2 min, AACSB: Knowledge, AICPA FC: Leverage Technology to Develop and Enhance Functional Competencies 4. B LO 1 2, BT: K, Difficulty: Easy, TOT: 2 min, AACSB: Knowledge, AICPA FC: Leverage Technology to Develop and Enhance Functional Competencies 5. B LO 1.2, BT: K, Difficulty: Easy, TOT: 2 min, AACSB: Knowledge, AICPA FC: Leverage Technology to Develop and Enhance Functional Competencies 6. C LO 1.2, BT: K, Difficulty: Easy, TOT: 2 min, AACSB: Knowledge, AICPA FC: Leverage Technology to Develop and Enhance Functional Competencies 7. D LO 1.2, BT: C, Difficulty: Medium, TOT: 3 min, AACSB: Analytic, AICPA FC: Leverage Technology to Develop and Enhance Functional Competencies 8. C LO 1.2, BT: C, Difficulty: Medium, TOT: 3 min, AACSB: Analytic, AICPA FC: Leverage Technology to Develop and Enhance Functional Competencies 9. A LO 1.3, BT: K, Difficulty: Easy, TOT: 2 min, AACSB: Knowledge, AICPA FC: Leverage Technology to Develop and Enhance Functional Competencies 10.D LO 1.3, BT: K, Difficulty: Easy, TOT: 2 min, AACSB: Knowledge, AICPA FC: Leverage Technology to Develop and Enhance Functional Competencies 11.B