4. Financial information Flashcards
Define big data
A term which describes the huge amounts of data available to organisations due to changes in technology
What are the qualities of good information? (ACCURATE)
Accurate Complete Cost-beneficial User-targeted Relevant Authoritative Timely Easy to use
What are the four Vs of big data?
- Volume
- Velocity (speed at which transactions happen)
- Variety
- Veracity (accuracy of data)
Define structured data
Define unstructured data
Structured: data is obtained with a particular purpose in mind
Unstructured: data is obtained without a particular purpose
Unstructured data can be sub-categorised as either _____ data or ____ data
Captured, user-generated
For information processing to be effective, it should meet the CATIVA criteria. What is this?
Completeness Accuracy Timeliness Inalterability Verifiability Assessability
What is the difference between a business system and an information system?
Business system: a collection of people, machines and methods organised to accomplish a set of specific functions
Information system: all systems and procedures involved in the collection, storage, and distribution of information
A system has three component parts: what are they?
- Inputs
- Processes
- Outputs
Define management information system (MIS)
A system which converts data from mainly internal sources into information
What is an Executive Support System (ESS)?
A sophisticated database that pools data from internal and external sources and makes information available to senior managers in an easy to use form
What is an expert system?
A system that captures human expertise in a limited domain of knowledge to allow users to benefit from expert knowledge and information
What is a Knowledge Works System (KWS)?
A system that facilitates the creation and integration of new knowledge into an organisation
What is distributed ledger technology?
Technology that allows people who do not know each other to trust a shared record of events
Define fintech
Fintech is a collective term for technology that is specifically used to support financial services, e.g. PayPal
Qualities of a secure information system can be remembered by the acronym ACIANA. What does this stand for?
Availability Confidentiality Integrity Authenticity Non-repudiation Authorisation
Data will maintain its integrity if it is ______ and not _____
Complete, corrupted
Input controls should ensure the ____, ______ and _____ of input
Accuracy, completeness and validity
Define data verification
Define data validation
Ensuring data entered matches source documents
Ensuring data entered is not incomplete or unreasonable
What is a logical access system?
One which gives users of the system passwords to prevent access to data and program files
What is the purpose of a finance function?
What are its four specific tasks?
To maintain source data and convert it into information useful to their users
- Record financial transactions
- Management accounting
- Financial reporting
- Treasury management
What is business partnering?
The finance function works alongside other business functions rather than being a separate function on their own
What are the four main methods of data sampling?
- Simple random sampling
- Systematic sampling
- Convenience sampling
- Stratified sampling
Data visualisation is particularly useful when analysing _____ data
Why is this?
Big
Due to the large volume and wide variety of data sources under consideration
What is the coefficient of variation?
The ratio of the standard deviation to the mean value
