Predictive analytics can create forecasts used in making recommendations for future courses of action. Group...
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Accounting
Predictive analytics can create forecasts used in making recommendations for future courses of action.
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False
Most accountants have never performed descriptive analytics in their regular work.
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Accountants can use data from company sources, such as enterprise resource planning systems, customer relationship management systems, and point-of-sale systems,to gain insight into future outcomes to guide choices between various actions,
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Benford's law is frequently used in forensic accounting.
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A traditional ledger system is a closed system controlled at a centralized location, and the individuals at this location are responsible for the ledger's maintenance and integrity.
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Instead of keeping separate records documenting to document transactions, they can be written directly into a decentralized ledger. As a result, each transaction is distributed and cryptographically signed to protect it from being altered in the future.
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Blockchain technology and data analytical tools are likely to replace accountants.
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