1.9 Data & Information

Question 1

Data

Answer 1

Facts about something that can be used:

• Calculating
• Reasoning
• Planning

Question 2

Information

Answer 2

Knowledge obtained from investigation, study or instruction of data

Information is data that has been organized to be valuable

Question 3

Knowledge

Answer 3

The ability to use processes to create information

Question 4

Valuable Information

Answer 4

Accessible
Accurate
Complete
Economical
Flexible
Relevant
Reliable
Secure
Simple to understand
Timely
Verifiable

• Accountants face a trade-off between accuracy and timeliness of information because it takes time to increase the accuracy of info, but as it takes longer, the value decreases

Question 5

(4) Vs of Data

Answer 5

1. Volume
2. Velocity
3. Variety
4. Veracity

Question 6

Volume

Answer 6

The Amount of Data generated which includes:

• Accounting transactions
• Emails
• Texts
• Photos

Question 7

Velocity

Answer 7

The speed:
How fast data is generated & how fast it moves around

Getting data as quickly as possible/ converting data into usable information
**Information must be available at the right time

Question 8

Variety

Answer 8

Highly structured databases that could access, interpret & act on data that was turned into information

Today:

• Documents
• Images
• Videos is
• *Unstructured
• Deriving value from analyzing data is important for decision making

Question 9

Veracity

Answer 9

Quality, trustworthiness, integrity, and the right type of information

*the quality and accuracy of social media can issues