Author Question: Which of the following is an advantage of data analysis tools? A) They deal with quantitative ... (Read 79 times)

mp14 · **on:** Jul 6, 2018

Which of the following is an advantage of data analysis tools?

A) They deal with quantitative data and hence have specific applicability.
B) They force the analyst to explicitly consider constraints in the data.
C) They allow the forensic accountant to extract the meaning of the data in a usable manner.
D) They are easy to apply, easy to customize, and easy to understand.

Question 2

Stonehenge Company received cash on account, 2,500 . The accountant would record the following journal entry:
a. Cash 2,500
C. Man, Capital 2,500
b. Income from Services 2,500
Cash 2,500
c. Cash 2,500
Income from Services 2,500
d. Cash 2,500
Accounts Receivable 2,500

smrerig · **Reply #1 on:** Jul 6, 2018

Answer to Question 1

D
Explanation: D) The value of data analysis tools stems from three key advantages:
They are widely applicable because they deal with qualitative data that are present in almost every engagement, such as people, places, times, events, relationships, and communications.
They are multifunctional, serving to record, summarize, analyze, organize, or illustrate information.
They are easy to apply, easy to customize, and easy to understand. A simpler approach is often more effective than a complex approach.

Answer to Question 2

d