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Business, Technology, and Finance > Introduction to Financial Information > Flashcards

Introduction to Financial Information Flashcards

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1
Q

Define information

A

Data that has been processed in such a way that it is meaningful to the person who receives it

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2
Q

What are the purposes of information?

A
  1. Planning
  2. Controlling
  3. Recording
  4. Performance measurement
  5. Decision making
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3
Q

What are the qualities of good information?

A

ACCURATE

  1. Accurate
  2. Complete
  3. Cost-effective
  4. User-targeted
  5. Relevant
  6. Authoritative
  7. Timely
  8. Easy to use
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4
Q

What are examples of internal data sources?

A
  1. Accounting records
  2. HR records
  3. Payroll records
  4. Machine logs
  5. Computer systems
  6. Timesheets
  7. Communication with staff
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5
Q

What are examples of formally gathered external information?

A
  1. Marketing research
  2. Research and development
  3. Tax and accounting specialists
  4. Legal specialist
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6
Q

What are the issues related to the effective processing of data into information?

A

CATIVA

  1. Completeness
  2. Accurate
  3. Timeliness
  4. Inalterability
  5. Verifiability
  6. Assessability
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7
Q

Define completeness

A

All relevant data is processed

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8
Q

Define accurate

A

All processing ensures data remains true to source and error-free

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9
Q

Define timeliness

A

Processing matches data availability and needs

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10
Q

Define inalterability

A

Data cannot be tampered with by unauthorised persons

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11
Q

Define verifiability

A

Clear audit trail from the data source to information

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12
Q

Define accessibility

A

Information produced can be challenged, ensuring the quality of the system

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13
Q

Define transaction processing systems

A

Systems that perform and record routine transactions

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14
Q

What are examples of transaction processing systems?

A
  1. Finance systems
  2. Accounting systems
  3. HR systems
  4. Manufacturing systems
  5. Production systems
  6. Sales systems
  7. Marketing systems
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15
Q

Define management information systems

A

Systems to produce information allowing managers to make effective decisions

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16
Q

What are examples of management information systems?

A
  1. Executive support systems
  2. Executive information systems
  3. Decision support systems
  4. Expert systems
  5. Knowledge work systems
  6. Office automation systems
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17
Q

Define executive support/information systems

A

A database that pools data from internal and external sources providing easy-to-use information to help senior managers make strategic decisions

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18
Q

Define decision support systems

A

Combines data and analytical models or data analysis tools to support decision making

19
Q

Define expert systems

A

Allows users to benefit from expert knowledge and information. Consists of a database holding specialised data and rules about what to do in, or how to interpret, a given set of circumstances

20
Q

Define knowledge work systems

A

Facilitate the creation and integration of new knowledge into organisations

21
Q

Define office automation systems

A

Systems that increase the productivity of data and information workers

22
Q

How can data security issues be assessed?

A
  1. Availability
  2. Confidentiality
  3. Integrity
  4. Authenticity
  5. Non-repudiation
  6. Authorisation
23
Q

Define cybersecurity

A

The procedures used by a business to protect its information system from damage, disruption, theft, or other loss

24
Q

What are examples of input controls?

A
  1. Control tasks
  2. Range checks
  3. Authorisation of source documents or data
  4. Password controls over the input of data
25
Q

What are examples of output controls?

A
  1. Control totals
  2. Follow up of error
  3. Exception reports
26
Q

In what ways can information security be established?

A
  1. Cybersecurity
  2. Physical access controls
  3. Security and integrity controls
  4. Input controls
  5. Output controls
  6. Back-up and archiving
  7. Personnel controls
  8. Segregation of duties controls
27
Q

Define Big Data

A

Datasets whose size is beyond the ability of typical database software to capture, store, manage and analyse

28
Q

What are the key features of Big Data?

A
  1. Volume
  2. Velocity
  3. Variety
  4. Veracity
29
Q

Define volume of Big Data

A

Considers the amount of data fed into the organisation

30
Q

Define velocity of Big Data

A

Considers the speed that data is fed into the organisation

31
Q

Define variety of Big Data

A

Considers the various formats of data received

32
Q

Define veracity of Big Data

A

Considers the reliability of the data being received

33
Q

Why is Big Data important?

A
  1. Potential to achieve competitive advantage
  2. A huge array of new data sources such as social media and the internet of things
  3. Exponential growth in computing power and storage capacity
  4. New avenues of knowledge creation such as crowdsourcing and open source software
34
Q

Define data science

A

The collection, preparation, management, analysis, interpretation, and visualisation of large and complex datasets

35
Q

How does data analytics create value for businesses?

A
  1. Decision making
  2. Customer analysis
  3. Innovation
  4. Risk management
36
Q

Define intelligent systems

A

Computer-based systems that represent, reason about, and interpret data in order to learn about the structure of the data and analyse it to extract patterns and meaning

37
Q

Which innovations facilitate the process of automation?

A
  1. Artificial intelligence

2. Intelligent systems

38
Q

Define cloud computing

A

Provides business with computing resources such as software and storage using a network of remote servers hosted on the internet

39
Q

What are the features of cloud computing systems?

A
  1. Either public or private
  2. Elastic so users can use as little or as much as they need
  3. Service will be fully managed by the provider in the case of public systems
40
Q

Define cloud accounting

A

Accountancy software is provided in the cloud by a service provider rather than running the software on a local server

41
Q

What are the key features of distributed ledger technology?

A
  1. A distributed ledger has no central storage and is shared by all parties who require access, each having an identical copy of the ledger
  2. Additional stages in a transaction are verified by consensus algorithms, with all parties essentially voting to agree to the new element as a true record
  3. This lack of central administrator is the main advantage of the technology preventing any one party from dominating or corrupting the process
  4. Security is provided through cryptographic keys and clear signatures of all transactions
42
Q

Define digital asset

A

Any text or data file that is formatted into a binary source which includes the right to use it

43
Q

What are examples of digital asset?

A
  1. Images
  2. Multimedia
  3. Textual content
44
Q

How do businesses protect digital assets?

A
  1. Encoding
  2. Encryption
  3. Watermarks

Business, Technology, and Finance (8 decks)

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