Deca Help

Question 1

Budgeting applications

Answer 1

Budgeting helps entities plan and control finances. Popular commercial software typically allows you to see your inflows and outflows of money, including tracking your expenses to specific payees.
Most budgeting software measures the impact of different actions on a budget

Question 2

Financial analysis application

Answer 2

Financial analysis is vital to evaluate a company’s performance, profitability and future prospects. Financial analysis applications can help cross refer employee and vendor information, which is useful because that might create a conflict of interest where the employee is benefitting from transactions with a vendor they have a relationship with.
Buisnesses compare their purchase orders with the amount they record they owe to a vendor to ensure that the vendor delivered the right products at the agreed upon price.

Question 3

Discuss nontraditional uses of financial information
Lean management, activity based costing and six sigma

Answer 3

LEAN management improves efficiency by using financial information to streamline inefficiencies. Activity based costing allocates cost to products based on activities require to produce them instead of the labour or materials. It uses financial data to analyze how different activities contribute to overall costs. Six sigma quantifies costs of poor quality or inefficiency and demonstrates savings from process improvements. Financial metrics are used to track improvements.

Question 4

Ratios in
Solvency analysis

Answer 4

Debt to equity
Debt
Interest coverage
Equity

Question 5

Financial information Management

Answer 5

Financial Information Management uses Financial data to help organizations make decisions. It ensures that Information is accurate and easily accessible

Question 6

Ethics and Financial Information Management

Answer 6

Ethical practices help organizations Build Trust with stakeholders by being Transparent when handling their data. Key ethics principles Are integrity, which avoids misrepresenting Financial data, and transparency, which avoid a misreporting Financial data.

Question 7

Tech and Financial Information Management

Answer 7

Tech allows organizations to Collect, Store and process Financial data more efficiently. Tasks can be automated, which not only speeds them up but also reduce a Labour costs.

Question 8

Technologies in Financial Information Management

Answer 8

Enterprise resource planning Systems Automate Financial reporting and budgeting

Tools Like quickbooks and sage and xero help in Bookleeping, invoicing and pay rolling.

Cryptography enhances confidentiality by converting data into an unreadable Format.