4.1 Financial infomtion Flashcards
What is data
useless - facts and figures
distict epices of infomation
can exist in a variety of forms
What is information
Processed data
The output of whatever is used to process data.
what are the qualities of good infomayion?
ACCURATE accurate complete cost-benefit relevent authoritative timely easy to use
What is financial infomation used for?
Planning, controlling, recording transactions, measuering performance, and making decisions.
what factors are the ines that are ignored the information given to managers?
U
R
T
E
wht are the three ways of data capture?
Internal
External
Big data
what is big data?
Datasets whose size is beyond the bility of typical software to capture, store, manage and analyse
Big data call for good data analyics - what is this?
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
what are the 4 Vs of Big Data
Volume
Velocity
Variety
Veracity`
What is structyred big data?
data obtained with a particular purose in mind - e.g. feedback on clothing purchase
what is unstructured big data? and what are the sub categories
data collected without a particular purpose e,g, smart phone recording user location.
captureed data and user generated.
Big data can also be categorised by its sources - what are these? (4)
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
What is the internet of things?
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
what is data science?
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.
What is the life cycel of data?
creation, acquisitio, exploration, analysis adn communication
what are the factors of data analytics?
Enhacing transparentcy performnce imporvement market segmentation decision making innovation risk mangement
wht are intelligent systems adn artificail inteligence?
the interpretation of data
AI applies human intelligence compurterised tasks
they are capable of learning 0 but cant make judgement decisions
what deos the IASB framework say how the financial information must be prepared? (2)
Accural basis accouting
going concern
what does the IASB farmewor state that the qualitative characteristics which make financial statements useful to users are?
Understandability
relevence
reliablity
comparability
what are the limittions of financial statemnts meeting users needs?
conventionlised representation
backward thinking
ommission of non-financial infomation.
