This topic contains a solution. Click here to go to the answer

Author Question: What functions does a data inventory serve? What will be an ideal ... (Read 67 times)

kwoodring

  • Hero Member
  • *****
  • Posts: 560
What functions does a data inventory serve?
 
  What will be an ideal response?

Question 2

The Customer Center
 a. handles transactions related to purchasing, billing and making payments.
   b. handles transactions related to creating invoices, statements, and sales receipts.
   c. is not one of the main center areas in QuickBooks.
   d. None of the above.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Liddy

  • Sr. Member
  • ****
  • Posts: 342
Answer to Question 1

The first step of data preparation is to create a data inventory of all items that have been received, including a list of specific items, sources, and dates requested/received. This inventory serves many functions:
(1 ) A data inventory can be compared against the data request to determine which requested items are still outstanding.
(2 ) Maintaining an inventory allows the analyst to note any gaps in the data, which may indicate missing records.
(3 ) The data inventory enhances the efficiency of the analysis process by allowing the analyst to determine which tools or methods can be applied now and which must be delayed until additional data are received. Based on this information, the analyst can refine the data analysis plan to include a specific sequence of tests and an estimated time of completion for each. In addition to the functions noted previously, which provide value early in the analysis, the data inventory continues to serve a purpose throughout the entire engagement.
(4 ) Data inventory is continuously updated as new data are received, acting as a progress meter for the data collection process.
(5 ) When data (especially documents) are provided on a piecemeal basis or in no apparent order, organizing them can be a monumental effort before the actual analysis even begins. A data inventory can assist in this effort by facilitating a logical organization scheme.
(6 ) The inventory is used at the conclusion of the engagement, when the report is being prepared. Many reports include a list of items reviewed and/or analyzed as an exhibit or appendix.

Answer to Question 2

b




kwoodring

  • Member
  • Posts: 560
Reply 2 on: Jul 6, 2018
Great answer, keep it coming :)


pangili4

  • Member
  • Posts: 346
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

Did you know?

Chronic necrotizing aspergillosis has a slowly progressive process that, unlike invasive aspergillosis, does not spread to other organ systems or the blood vessels. It most often affects middle-aged and elderly individuals, spreading to surrounding tissue in the lungs. The disease often does not respond to conventionally successful treatments, and requires individualized therapies in order to keep it from becoming life-threatening.

Did you know?

A serious new warning has been established for pregnant women against taking ACE inhibitors during pregnancy. In the study, the risk of major birth defects in children whose mothers took ACE inhibitors during the first trimester was nearly three times higher than in children whose mothers didn't take ACE inhibitors. Physicians can prescribe alternative medications for pregnant women who have symptoms of high blood pressure.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

Thyroid conditions cause a higher risk of fibromyalgia and chronic fatigue syndrome.

For a complete list of videos, visit our video library