Financial Information Flashcards
What is described
district pieces of information which can exist in a variety of forms
data
What is described
the output of whatever system is used to process data, can be computer turning single piece of data into report
Information
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
database
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
big data
Qualities of good information - ACCURATE
Accurate
complete
cost benefit
User Targeted
Reliable
Authoritative
Timely
Easy to use
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
data analytics
Characteristics of big data 4 Vs
Volume
Velocity
Variety
Veracity
Sources of data
internal
external
big data
What is data obtained with a particular purpose in mind
structured
what is data obtained without a particular purpose
unstructured
two types of unstructured data
captured - passive
user generated - created and placed online voluntarily
Big data by source
Processed data
open data
human sourced data
machine generated data
IASB two underlying assumptions
accruals basis of accounting
going concern
Qualitative characteristics which make FS useful to users
understandability
relevance
reliability
comparability
Limitations of financial statements meeting user needs
conventionalised representation
backwards looking
omission of non-financial information
What is defined
data, once collected is converted into information for communicating more widely within the business
information processing
To be effective information should meet what criteria CATIVA
Complete
Accurate
timely
inalterable
verifiable
assessable
What is defined
the trail from data through to processing to output information can be followed through
Verificability
What is defined
the data remains true to sources and contains no errors
accuracy
What is defined
the process is not open to unauthorised intervention or amendment
inalterability
what is defined
the effectiveness of processing is open to scrutiny so that its quality can be judged
accessibility
What is defined
a set of interacting components that operate together to accomplish a purpose
a system
What is defined
a collection of people, machines and methods organised to accomplish a set of specific functions
business system
What is defined
all systems and procedures involved in the collection, storage , production and distribution of information
information systems
What is defined
the equipment used to capture store transmit or present information. provides large part of information systems infrastructure
information technology
A system has three component parts - what are they
input processes and outputs
What is defined
a system which performs, records and processes routine transactions
transaction processing system TPS
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
cloud computing
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
management information system MIS
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
Executive support system/executive information system
What is defined
combines data and analytical models or data analysis tools to support semi-structured and unstructured decision making
decision support system
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
expert sysstem
What
facilitates the creation and integration of new knowledge into an organisation
knowledge work systems
What are systems that increase productivity of data and information workers
office automation systems
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
AI
What is defined allows people who don’t know each other to trust a shared record of events
Distributed ledger tech
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
digital assets
what is defined
procedures used by a business to protect its information system from damage disruption theft or loss
cyber security
Qualities of secure information system ACIANA
Availability
Confidentiality
Integrity
Authenticity
Non-repudiation
Authorisation
Integrity controls in system - input controls
data verification
data validation (check digits, range checks, limit checks)
what is ensuring data entered matches source documents
data verification
what is ensuring data entered is not incomplete or unreasonable
data validation
What is finance function responsible for
recording financial transactions
management accounting
financial reporting
treasury management
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
business partnering
Stewardship of the organisations financial resources is part of which of the finance functions tasks
recording financial transactions
Ensuring resources are properly controlled (stewardship) is part of which function
financial accounting
Under POB, maintaining control and safeguarding assets involves
recording transactions, ensuring IC are sufficient, ensuring AC is properly constituted and resourced, ensuring qualified and resourced NED
