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FBT > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

What is data?

A

Raw facts and stats, no conclusion from the data, not processed

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2
Q

What is information?

A

Processed data

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3
Q

What are the qualities of performance reports?

A

Accurate, complete, cost, understandable, relevant, adaptable, timely, easy to use

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4
Q

What are information systems?

A

A term for the systems, people and processes which have been designed to create, store, alter and share information

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5
Q

What is information technology?

A

An element of info systems, a term for the technology that exists in the system

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6
Q

What does info technology encompass?

A

The creation, support and management of computer-based info systems

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7
Q

What are the three levels of information systems?

A

Strategic, tactical, operational

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8
Q

What are the 5 things info can be classified into?

A

Time horizon, level of detail, source, degree of certainty, frequency

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9
Q

What is strategic information?

A

Used by higher level of management to define goals and priorities, initiate new programmes and develop polices

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10
Q

What is tactical information?

A

Used to aid the allocation of resources and establishment of control, middle level management use to help implement the top level plans

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11
Q

What is operations information?

A

Day to day running of the business and to decisions that are repetitive in nature

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12
Q

How is the time horizon in a strategic, tactical and operational info system?

A

Long term - immediate

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13
Q

What is the level of detail like in a strategic, tactical and operation info system?

A

Aggregated/summarised- highly detailed

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14
Q

What is the source level for strategic, tactical and operation system?

A

Mainly external - interanl

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15
Q

What is the degree of certainty like in a strategic, tactical and operational system?

A

Uncertain- certain

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16
Q

What is the frequency levels of strategic, tactical and operational information system?

A

Infrequent -> frequent

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17
Q

What is a decision support system?

A

Provide access to summary performance data. DSS does not make the decisions. Gathers info and provides possible outcomes.

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18
Q

Who would use a DSS system?

A

Tactical managers

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19
Q

What is an expert system?

A

Acts like an expert. Designed to solve problems. Can modify own database in accordance to own results. Can’t deal with unexpected. Aid with human decision

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20
Q

What is an executive information system?

A

Strategic information systems. Easy access to internal and external info. User friendly way. Highly summarised

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21
Q

What is MIS?

A

Enables users to drill-down to obtain more specific detail about the summarised figures

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22
Q

What is DSS?

A

Expressly designed for the support of individual and collective decision making

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23
Q

What is TPS?

A

Provides an integrated and continuously updated view of care business processes using common databases

24
Q

What is EIS?

A

Converts internal and external data into useful info which is then communicated to managers

25
Q

What are the adv of MIS?

A

Benefit of real time data input and access, improved decision making, improved data integrity

26
Q

What are the dis adv of MIS?

A

Cost of real time data input, cost of linking the EIS to new, external data sources, cost of implementation and training

27
Q

Adv of computerisation?

A

Speed, Cost, Accuracy, Volume, Complexity, Presentation

28
Q

What is cloud computing?

A

Simply storing, managing and processing data over the internet, rather than on local servers/PC

29
Q

What is cloud computing accounting software?

A

accounting software that is hosted on remote servers, after data has been sent to the cloud, it is processed off-site and then sent back to the user

30
Q

what are adv of cloud computing accounting software?

A

Sharing data, flexibility, reduced maintenance, security and back-up

31
Q

What are dis adv of cloud computing accounting software?

A

Reliance on the cloud service provider, regulatory risks, unauthorised access to data.

32
Q

What is Artificial inteligence (AI)

A

the concept of machines being able to function in a way that we would consider ‘smart’

33
Q

What are opportunities for accounting in regards to AI?

A

AI and machine learning applications are replacing human finance and accounting activities at a increasing rate. Machines can spot patterns and draw comparisons.

34
Q

What is big data?

A

Collection of data so large it becomes too difficult to store and process. Number of sources

35
Q

What are the components of big data?

A

Variety, velocity, veracity and volume

36
Q

What is volume in relation of big data?

A

amount of data available

37
Q

What is variety in relation to big data?

A

Structured, unstructured sources, internal, external sources, wide variety of sources

38
Q

What is velocity in relation to big data?

A

Speed or rate of change of data

39
Q

What is veracity in relation to big data?

A

Truthfulness. Data being generated can be accurate

40
Q

What are the adv of big data?

A

Drives innovation, helps create a competitive adv, improves productivity

41
Q

what are the dis adv of big data?

A

Difficult to convert into useful info, lack of skilled people, data security and data protection issues

42
Q

How is big data used?

A

Customer facing- understanding and targeting customers is one of the biggest and most publicized areas of big data. Used to better understand customers and their behaviours and preferences
Sport teams - they can use data of post fixtures to track tactics, player formations

43
Q

What is analysis?

A

the ability to use big data analysis tools will enable the accountant to gain insights about business issues such as customer payment behaviour, seasonal variations etc

44
Q

what is quality?

A

Big data can improve the quality of financial reporting by way of more effective variance analysis, more accurate financial results due to analysis of non-financial data

45
Q

What is blockchain technology?

A

an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

46
Q

How is blockchain data stored?

A

not stored in a single location, no centralised version exists

47
Q

What are the steps of blockchain technology?

A

1) someone requests a transactions
2) requested transaction then broadcast through a network of computers known as ‘nodes’
3) Network of nodes validates the transaction and the user status using algorithms
4) once verified the transactions is combined with other transactions to create a new block of data for the ledger
5) Transaction then complete

48
Q

Give some examples of blockchain technology?

A

Distributed ledgers, ethics, intellectual property, benefits payments

49
Q

Gives some examples of blockchain in accountancy?

A

Anti-money laundering, record-keeping, ownership

50
Q

What is cyber security?

A

consists of technologies processes and controls that are designed to protect systems, networks and data from cyber attacks

51
Q

What is a cyber attack?

A

Any attempt to access change, destroy or steal electronic data or make unauthorised use of computer information systems, computer networks or personal computer devices.

52
Q

What is malware?

A

designed to cause damage to a single computer, server or computer network

53
Q

what is phishing?

A

technique where emails are sent to fool e.g., to put in card details

54
Q

What is denial of service attacks?

A

an attack intended to shut down a machine or network by flooding it with traffic, making it inaccessible to its intended users.

55
Q

What is man in the middle attack?

A

Occurs when 2 parties believe they are directly communications with each other, when in fact not case. cyber criminal will be the ‘man in the middle’, relaying info between the parties

56
Q

What are some potential threats in the office and solutions to stop them?

A

Natural disasters- fire alarm, insurance
Malfunctions - network design, cope with high volume, back ups
Viruses - software, run and update
Hackers - Firewall, protection, passwords
Electronic eavesdropping - data encryption
Human error - Training for staff

FBT (24 decks)

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