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BTF > Financial Information > Flashcards

Financial Information Flashcards

1
Q

What is described
district pieces of information which can exist in a variety of forms

A

data

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2
Q

What is described
the output of whatever system is used to process data, can be computer turning single piece of data into report

A

Information

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3
Q

what is described
structured collection of records or data that is stored in a computer system along with the rules as to the information that will be sought from it so that queries may be answered by interrogation

A

database

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4
Q

What is described
term which describes huge amounts of data available to organisations due to changes in tech, characterised by increased volume, velocity and variety compared with other data. data analytics extracts value

A

big data

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5
Q

Qualities of good information - ACCURATE

A

Accurate
complete
cost benefit
User Targeted
Reliable
Authoritative
Timely
Easy to use

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6
Q

what is described
the process of collecting organising and analysing large sets of data to discover patterns and other useful info which an organisation can use for its future business decisions

A

data analytics

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7
Q

Characteristics of big data 4 Vs

A

Volume
Velocity
Variety
Veracity

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8
Q

Sources of data

A

internal
external
big data

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9
Q

What is data obtained with a particular purpose in mind

A

structured

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10
Q

what is data obtained without a particular purpose

A

unstructured

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11
Q

two types of unstructured data

A

captured - passive
user generated - created and placed online voluntarily

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12
Q

Big data by source

A

Processed data
open data
human sourced data
machine generated data

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13
Q

IASB two underlying assumptions

A

accruals basis of accounting
going concern

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14
Q

Qualitative characteristics which make FS useful to users

A

understandability
relevance
reliability
comparability

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15
Q

Limitations of financial statements meeting user needs

A

conventionalised representation
backwards looking
omission of non-financial information

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16
Q

What is defined
data, once collected is converted into information for communicating more widely within the business

A

information processing

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17
Q

To be effective information should meet what criteria CATIVA

A

Complete
Accurate
timely
inalterable
verifiable
assessable

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18
Q

What is defined
the trail from data through to processing to output information can be followed through

A

Verificability

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19
Q

What is defined
the data remains true to sources and contains no errors

A

accuracy

20
Q

What is defined
the process is not open to unauthorised intervention or amendment

A

inalterability

21
Q

what is defined
the effectiveness of processing is open to scrutiny so that its quality can be judged

A

accessibility

22
Q

What is defined
a set of interacting components that operate together to accomplish a purpose

A

a system

23
Q

What is defined
a collection of people, machines and methods organised to accomplish a set of specific functions

A

business system

24
Q

What is defined
all systems and procedures involved in the collection, storage , production and distribution of information

A

information systems

25
Q

What is defined
the equipment used to capture store transmit or present information. provides large part of information systems infrastructure

A

information technology

26
Q

A system has three component parts - what are they

A

input processes and outputs

27
Q

What is defined
a system which performs, records and processes routine transactions

A

transaction processing system TPS

28
Q

What is defined
model for enabling convenient on demand network access to a shared pool of configurable computing resources that can be rapidly provisioned and released with minimal management effort of service provider interaction

A

cloud computing

29
Q

What is defined
system which converts data from mainly internal sources into information. information enables managers to make timely and effective decisions for planning directing and controlling activities for which they are responsbile

A

management information system MIS

30
Q

What is defined
sophisticated database pools data from in and external sources and makes information available to senior managers in an easy use form. helps senior managers make strategic unstructured decisions

A

Executive support system/executive information system

31
Q

What is defined
combines data and analytical models or data analysis tools to support semi-structured and unstructured decision making

A

decision support system

32
Q

What is defined
captures human expertise in a limited domain of knowledge to allow users to benefit from expert knowledge and information. The system will consist of a database holding specialised data and rules about what to do in or how to interpret a given set of circumstances

A

expert sysstem

33
Q

What
facilitates the creation and integration of new knowledge into an organisation

A

knowledge work systems

34
Q

What are systems that increase productivity of data and information workers

A

office automation systems

35
Q

what is defined
the use of computers to do tasks which are thought t require human intelligence. typically learning, knowing, sensing, reasoning creating and generating and understanding lanague

A

AI

36
Q

What is defined allows people who don’t know each other to trust a shared record of events

A

Distributed ledger tech

37
Q

What is defined
any text/media file that can be formatted into a binary source and that includes the right to use it, digital files that do not carry this right are not considered digital assets

A

digital assets

38
Q

what is defined
procedures used by a business to protect its information system from damage disruption theft or loss

A

cyber security

39
Q

Qualities of secure information system ACIANA

A

Availability
Confidentiality
Integrity
Authenticity
Non-repudiation
Authorisation

40
Q

Integrity controls in system - input controls

A

data verification
data validation (check digits, range checks, limit checks)

41
Q

what is ensuring data entered matches source documents

A

data verification

42
Q

what is ensuring data entered is not incomplete or unreasonable

A

data validation

43
Q

What is finance function responsible for

A

recording financial transactions
management accounting
financial reporting
treasury management

44
Q

What is defined
the finance function works alongside other business functions rather than being a separate function on their own. The role of the finance function becomes less about reporting on organisational performance and more about providing advice to other areas of the business to maximise performance

A

business partnering

45
Q

Stewardship of the organisations financial resources is part of which of the finance functions tasks

A

recording financial transactions

46
Q

Ensuring resources are properly controlled (stewardship) is part of which function

A

financial accounting

47
Q

Under POB, maintaining control and safeguarding assets involves

A

recording transactions, ensuring IC are sufficient, ensuring AC is properly constituted and resourced, ensuring qualified and resourced NED

BTF (14 decks)

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