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CIMA E1 > Section B > Flashcards

Section B Flashcards

1
Q

What is an industrial revolution?

A

A rapid and major change in an economy, driven by a shift in the methods and types of work undertaken.

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2
Q

When did the 1st revolution take place?

A

18th and 19th Century

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3
Q

When did the 2nd revolution take place?

A

1870-1914

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4
Q

When did the 3rd revolution take place?

A

1980s - also known as the digital revolution

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5
Q

What are the predicted characteristics for the 4th revolution?

A

Fusion
Employment: Robots, automation and digitalisation will make jobs redundant.
AI & Machine Learning: Enables products to be customised easily and cheaply.
Machine Led Manufacturing: workers will help machines
Improved asset management: efficient use of natural assets, renewables

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6
Q

What technologies are included?

A 
Cloud Computing
Big Data
Data Analysis
Process Automation
AI
Data Visualisation
Blockchain
Internet of things
Mobile tech
3D Printing
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7
Q

What is cloud computing?

A

Delivery of on-demand computing resources

Users login in order to access, manage, process files and software

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8
Q

What are the advantages of cloud computing?

A

Flexibility and Scalability
Security
Cost Efficient
Flexible working

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9
Q

What are the disadvantages of cloud computing?

A

Organisation change: working methods and roles need to be modified
Contract Management
Security

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10
Q

What is big data?

A

Describes data so large and varied they are beyond capability or traditional data processing.

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11
Q

What are the 4V’s when talking about big data?

A

Volume: Amount of data
Velocity: Speed of data
Variety: Various formats of data
Veracity: Reliability

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12
Q

What are some sources of big data and examples?

A

Human-sourced: social media, emails, texts
Machine generated: Home assistants, Smart Meters
Processed Data, Customers, Transactions
Open Data: Government, Public Sector, nation Statistics

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13
Q

What is data analytics?

A

Process of collecting, organising and analysing big data to discover patterns and other information.

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14
Q

What are some uses of big data and analytics?

A 
Fresh Understanding and insight
Performance Improvement
Market Segmentation
Decision Making
Innovation
Risk Management
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15
Q

What is process automation?

A

Tech enabled automation of company business processes.

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16
Q

What is traditional process automation?

A

machine carrying out a simple repetitive task, replacing a job that would have been done by hand.

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17
Q

What is modern process automation?

A

Focused on complex business areas, which were previously thought to be beyond limits.

18
Q

What is artificial intelligence?

A

Area of computer science that emphasises creation of intelligent machines that work and read like human beings

19
Q

What is data visualisation?

A

allows large volumes of complex data to be displayed in visually appealing and accessible way.

20
Q

What should effective data visualisation display?

A 
Decision making ability
Integration Capability
Effective Infrastructure
Real time collaboration
Prompt discovery of rules and insights
21
Q

What is blockchain?

A

decentralised, distributed and public digital ledger that is used to record transactions across many computers. Allows people who don’t trust each other to trust a shared record of events

22
Q

What is the benefit of blockchain?

A

Security

23
Q

What are the key features of blockchain?

A

Transactions recorded by a number of participants
When transaction happens the details of deal recorded by everyone
Verifying transactions done but computers
When new block is added its linked to previous block

24
Q

What is internet of things?

A

Describes network of smart devices with inbuilt software and connectivity to internet allowing them to constantly monitor and exchange data.

25
Q

What are some examples of connected devices within the internet of things?

A 
Smart meters
Doorbells and Security
Wearable tech
Home appliances
Cars
Transport and Infrastructure
Manufacturing Equipment and Plant
26
Q

What is code division multiple access (CDMA)?

A

Tech that underpins mobile tech

27
Q

What are some things that are impacted by mobile tech?

A 
Newspapers
Advertising
Music
Baking
Socialising
TV/Film
28
Q

What is 3D Printing?

A

Process known as additive manufacturing where an object is created layer by layer.
Complex parts can be produced much cheaper, faster and in a customisable manner

29
Q

What are some advantages of 3D Printing?

A 
Speed
Cost Effective
Customisation
Less Waster
Confidentiality
30
Q

What are the advantages of process automation within the finance function?

A

Cost savings: reduction in head count
Value Adding: staff time is freed up for higher level value work
Improved Accuracy: Removal of human error
Positive Return
Adaptability

31
Q

What are the disadvantages of process automation within the finance function?

A

Uncertainty: Uncertainty around job security and future prospects
Relationship Management
Competence
Training
Change Management: process must be managed carefully and led effectively

32
Q

What are the key benefits of data visulatisation?

A

Accessible: Designed to be user friendly
Real time: Live up to date number in an informative way
Performance Optimisation
Insight and understanding

33
Q

How is blockchain used in finance?

A

Financial Reporting
Cross border payments
Smart Contracts
Security & Traceability

34
Q

What are the benefits with mobile tech in finance?

A

Communication and Flexibility
Scalability
Less paperwork
Instant data visability

35
Q

What is the impact of 3D Printing on finance?

A 
Less Work
No Overproduction
Increase in Direct costs
minimal tooling and set-up
no inventory, materials should be delivered using just-in-time method
36
Q

What is digital mindset?

A

Concept of seeing beyond the individual elements of digital change to understand ways in which technology will transform society and impact organisation.

37
Q

What are the five qualities of digital mindset?

A 
Provide vision yet empower others
Give up control yet 'architect' choices
Sustain yet disrupt
Rely on data yet trust your intuition
Be sceptical yet open minded
38
Q

What are some skills that are anticipated to be fundamental for future accountants? (5)

A 
Analytical Skills
Business Acumen
Judgement
People Skills
Leadership
39
Q

What is corporate digital responsibility (CDR)?

A

Extends the idea and ethos of CSR to digital world. It is a voluntary commitment.

40
Q

What are 5 key areas of the CDR statergy?

A

Digital Stewardship: Using data in a responsible and secure way
Customer Expectations
Giving Back: Means companies may share data in a benevolent way to help society
Data Value
Data Inclusion

CIMA E1 (9 decks)

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