4.1 Financial infomtion

Question 1

What is data

Answer 1

useless - facts and figures

distict epices of infomation
can exist in a variety of forms

Question 2

What is information

Answer 2

Processed data

The output of whatever is used to process data.

Question 3

what are the qualities of good infomayion?

Answer 3

ACCURATE
accurate
complete
cost-benefit
relevent
authoritative
timely
easy to use

Question 4

What is financial infomation used for?

Answer 4

Planning, controlling, recording transactions, measuering performance, and making decisions.

Question 5

what factors are the ines that are ignored the information given to managers?

Answer 5

U
R
T
E

Question 6

wht are the three ways of data capture?

Answer 6

Internal
External
Big data

Question 7

what is big data?

Answer 7

Datasets whose size is beyond the bility of typical software to capture, store, manage and analyse

Question 8

Big data call for good data analyics - what is this?

Answer 8

the process of collecting, organising and analysing large sets of data to discover patterns adn other useful information which an organisation can use for future business decisions

Question 9

what are the 4 Vs of Big Data

Answer 9

Volume
Velocity
Variety
Veracity`

Question 10

What is structyred big data?

Answer 10

data obtained with a particular purose in mind - e.g. feedback on clothing purchase

Question 11

what is unstructured big data? and what are the sub categories

Answer 11

data collected without a particular purpose e,g, smart phone recording user location.

captureed data and user generated.

Question 12

Big data can also be categorised by its sources - what are these? (4)

Answer 12

processed data - databases
open data - release of large public sector data RPI
human-sourced data - social networks
Macheine-generted data - from the internet of things

Question 13

What is the internet of things?

Answer 13

the system of interrelated computing devices , mechanical and digital machines, with the ability to transfer data over a network without humn impact. e.g. fit bit

Question 14

what is data science?

Answer 14

collecting preparing managing analysing interpreting and visulising large adn complex data set. Data science ;ppls at the whole of ccle of data.

ie. focused on how value canbe extracted from data.

Question 15

What is the life cycel of data?

Answer 15

creation, acquisitio, exploration, analysis adn communication

Question 16

what are the factors of data analytics?

Answer 16

Enhacing transparentcy
performnce imporvement
market segmentation
decision making
innovation
risk mangement

Question 17

wht are intelligent systems adn artificail inteligence?

Answer 17

the interpretation of data

AI applies human intelligence compurterised tasks
they are capable of learning 0 but cant make judgement decisions

Question 18

what deos the IASB framework say how the financial information must be prepared? (2)

Answer 18

Accural basis accouting

going concern

Question 19

what does the IASB farmewor state that the qualitative characteristics which make financial statements useful to users are?

Answer 19

Understandability
relevence
reliablity
comparability

Question 20

what are the limittions of financial statemnts meeting users needs?

Answer 20

conventionlised representation
backward thinking
ommission of non-financial infomation.