Question

Mainstream spreadsheet and database software, such as Excel and Access, are often sufficient for analyzing the variety and volume presented by big data. T or F ?

Organizations that spend more on legacy systems tend to experience a lower incidence of security breaches. True or False ?

One of the challenges the accounting profession faces is that the tools accountants have traditionally used are ill-equipped for analyzing the types and quantity of data present in big data.

True or Flase

Answer 1

1. Mainstream spreadsheet and database software, such as Excel and Access are often not sufficient for analyzing the variety and volume presented by big data. The statement is FALSE. Usually the requirement is very custom specific and of tailored nature, spreadsheet like Excel performs functions on the data provided but if sudden changes to the data are to be made, it becomes very difficult to replace the old data. Most of the accounting firms use Excel and Access software as their base system. But for analyzing, features like SQL are required.

Therefore, the answer is FALSE.

2. Organisations that spend more on legacy systems tend to experience a lower incidence of security breaches. The statement is TRUE. Using old systems, whether hardware or software which has major security loops can cost much to the organization. So it is very important to spend on maintainence and upgradation of legacy system to survive in the competition. But the other face of the fact is, if the legacy system is now no longer usable or is completely outdated, then it makes no sense in spending on legacy system. Investing in new system would be a better decision.

So , the statement is TRUE, only if it is wise to spend on legacy system.

3. One of the challenges the accounting profession faces is that, the tools accountants have traditionally used are ill equipped for analyzing the types and quantity of data present in big data. The statement is TRUE. To analyze the huge quantity of data, now the latest tools available are equipped with high grade technology, such as automatic tracking and attaching the audio and video are required which would enhance the efficiency and effectiveness of tasks.

So, the above statement is TRUE.