Master the Data: An Introduction to Accounting Data

A collection of vocabulary flashcards created to reinforce key concepts and terms from the lecture on data analytics in accounting.

AMPS Model

A framework for performing data analytics consisting of four steps: Ask the Question, Master the Data, Perform the Analysis, and Share the Story.

Data Analytics

Technologies, systems, practices, methodologies, databases, statistics, and applications used to analyze diverse data for informed decision-making.

Master the Data

The second step of the AMPS model, involving understanding what accounting data is available for analysis.

Big Data

Datasets that are too large and complex for traditional business systems to capture, store, manage, and analyze.

Data Ethics

The moral responsibility related to gathering and protecting data, particularly personally identifiable information.

Volume

One of the four Vs of Big Data referring to the amount of data generated.

Variety

One of the four Vs of Big Data describing the different forms of data, such as structured and unstructured.

Velocity

One of the four Vs of Big Data indicating the speed at which data is generated and analyzed.

Veracity

One of the four Vs of Big Data that represents the quality and trustworthiness of the data.

Financial Accounting Data

Information prepared by a company for external decision-makers such as stockholders and banks.

Subledger

An accounting ledger that details information on specific accounts within a general ledger.

Point-of-Sale (POS) System

A system that records transactions at the moment of sale, contributing to sales data analysis.

XBRL

eXtensible Business Reporting Language - a standard for defining and exchanging financial information.

Exploratory Statistics

Statistical methods used to analyze data sets to summarize their main characteristics.

Relational Database

A database structured to recognize relations among stored items of information.

Non-Accounting Data

Data from sources outside accounting that can enhance financial analysis.

General Ledger

A comprehensive collection of accounts used to record all transactions of a business.

Financial Statement

Reports that communicate a company's financial health, including balance sheet, income statement, cash flow statement, and stockholders' equity statement.

Managerial Accounting Data

Information used internally by managers for decision-making, without the constraints of GAAP standards.

Allowable for Doubtful Accounts

An estimate of the amount of accounts receivable that may not be collectible.

Analytics

The discovery and communication of meaningful patterns in data to aid decision making.

Audit

An examination of the accuracy of a company's financial statements.

Causal Relationships

Relationships indicating how one event can cause another event, significant in data analysis.