Financial Information

Question 1

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

Answer 1

data

Question 2

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

Answer 2

Information

Question 3

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

Answer 3

database

Question 4

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

Answer 4

big data

Question 5

Qualities of good information - ACCURATE

Answer 5

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

Question 6

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

Answer 6

data analytics

Question 7

Characteristics of big data 4 Vs

Answer 7

Volume
Velocity
Variety
Veracity

Question 8

Sources of data

Answer 8

internal
external
big data

Question 9

What is data obtained with a particular purpose in mind

Answer 9

structured

Question 10

what is data obtained without a particular purpose

Answer 10

unstructured

Question 11

two types of unstructured data

Answer 11

captured - passive
user generated - created and placed online voluntarily

Question 12

Big data by source

Answer 12

Processed data
open data
human sourced data
machine generated data

Question 13

IASB two underlying assumptions

Answer 13

accruals basis of accounting
going concern

Question 14

Qualitative characteristics which make FS useful to users

Answer 14

understandability
relevance
reliability
comparability

Question 15

Limitations of financial statements meeting user needs

Answer 15

conventionalised representation
backwards looking
omission of non-financial information

Question 16

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

Answer 16

information processing

Question 17

To be effective information should meet what criteria CATIVA

Answer 17

Complete
Accurate
timely
inalterable
verifiable
assessable

Question 18

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

Answer 18

Verificability

Question 19

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

Answer 19

accuracy

Question 20

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

Answer 20

inalterability

Question 21

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

Answer 21

accessibility

Question 22

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

Answer 22

a system

Question 23

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

Answer 23

business system

Question 24

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

Answer 24

information systems

Question 25

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

Answer 25

information technology

Question 26

A system has three component parts - what are they

Answer 26

input processes and outputs

Question 27

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

Answer 27

transaction processing system TPS

Question 28

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

Answer 28

cloud computing

Question 29

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

Answer 29

management information system MIS

Question 30

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

Answer 30

Executive support system/executive information system

Question 31

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

Answer 31

decision support system

Question 32

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

Answer 32

expert sysstem

Question 33

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

Answer 33

knowledge work systems

Question 34

What are systems that increase productivity of data and information workers

Answer 34

office automation systems

Question 35

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

Answer 35

AI

Question 36

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

Answer 36

Distributed ledger tech

Question 37

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

Answer 37

digital assets

Question 38

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

Answer 38

cyber security

Question 39

Qualities of secure information system ACIANA

Answer 39

Availability Confidentiality Integrity Authenticity Non-repudiation Authorisation

Question 40

Integrity controls in system - input controls

Answer 40

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

Question 41

what is ensuring data entered matches source documents

Answer 41

data verification

Question 42

what is ensuring data entered is not incomplete or unreasonable

Answer 42

data validation

Question 43

What is finance function responsible for

Answer 43

recording financial transactions management accounting financial reporting treasury management

Question 44

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

Answer 44

business partnering

Question 45

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

Answer 45

recording financial transactions

Question 46

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

Answer 46

financial accounting

Question 47

Under POB, maintaining control and safeguarding assets involves

Answer 47

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