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 18 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
Thanks for the timely response, appreciate it


Joy Chen

  • Member
  • Posts: 354
Reply 3 on: Yesterday
Great answer, keep it coming :)

 

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Did you know?

Drying your hands with a paper towel will reduce the bacterial count on your hands by 45–60%.

Did you know?

Human neurons are so small that they require a microscope in order to be seen. However, some neurons can be up to 3 feet long, such as those that extend from the spinal cord to the toes.

Did you know?

If all the neurons in the human body were lined up, they would stretch more than 600 miles.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

For a complete list of videos, visit our video library