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Management Accouning > Data & Presenting Information > Flashcards

Data & Presenting Information Flashcards

(45 cards)

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1
Q

Primary Data

A

collected specifically for a particular purpose

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2
Q

Secondary Data

A

already been collected elsewhere for other purpose
- still be used or adapted for survey being conducted

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3
Q

Numerical Data

A

expressed in numbers
- can be discrete or continuous

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4
Q

Discrete Data

A
  • only take on finite or countable number of values within given range
  • month of birth
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5
Q

Continuous Data

A

take on any value
- measured rather than counted

  • height
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6
Q

Categorical Data

A

descriptive rather than numeric
- nominal or ordinal

  • age, education level, eye colour, satisfaction levels
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7
Q

Nominal Data

A

name or label and has no set order
- can count it but can’t order or measure it

  • eye colour
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8
Q

Ordinal Data

A

set order or scale

  • levels of satisfaction
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9
Q

Sample Data

A

data arising from investigation of a sample
- sample is selection from the population

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10
Q

Population Data

A

arising as result of investigating population
= group of people or objects of interest to data collector

  • census
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11
Q

Machine/Sensor Data and examples

A

comes from output of devices that detect input from their surroundings

  • fitness watch trackers
  • temperature sensors
  • parking sensors
  • location tracking
  • gas exposure detectors
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12
Q

Transactional Data and examples

A

comes from transactions of an organisation

  • sales orders
  • purchase orders
  • returns
  • inc dates, what, price
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13
Q

Human/Social Data

A

from humans and often non-numerical
- can include data about social media user such as location
- more difficult for data analysis software to handle
- use AI to handles

  • customer queries
  • focus group feedback
  • social media posts
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14
Q

What are examples of internal sources of info?

A
  • financial accounting records
  • payroll
  • human resources info
  • time sheets
  • published accounts
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15
Q

What are the three types of costs to an organisation when collecting/processing/producing internal info?

A

Direct Data Capture costs

Process Costs

Indirect Costs of internal info

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16
Q

What are some examples of Direct Data Capture costs?

A

using technology to capture data

  • bar coding and scanners
  • OCR (optical character recognition) data from printed documents
  • ICR (intelligent character recognition) data from handwritten
  • RFID (radio frequency identification) track vehicles, parcels, staff

can be completely attributable to obtaining the info

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17
Q

What are some examples of Process costs when collecting internal info?

A
  • time for department to process/analyse the sources
  • also need cover for normal work
  • input of data onto system
  • essentially asking a team to perform the data capture
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18
Q

What are examples of indirect costs of producing info incurred when collating internal info?

A
  • info collect but not needed
  • info stored after not needed
  • distributed more widely than needed
  • collection of same info/duplication

cannot be completely attributable to obtaining the info

important to have efficient data collection with a plan to save these costs

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19
Q

What are examples of external sources of information?

Study These Flashcards
A

Primary- market research, interviews, questionnaires

Secondary
- stats from government- ONS (office for National Statistics)
- banks - government borrowing
- Trade Journal - industry averages
- financial newspapers- detailed business data
- internet - need to ensure provider is reliable and reputable
- library

21
Q

Simple Random Sample

Study These Flashcards
A
  • selected in such a way that every member in the population has equal chance of being included
  • so free from bias
  • using sampling frame
22
Q

Sampling Frame

Study These Flashcards
A
  • numbered list of all items in population (starts with 0)
  • random numbers generated from programme or book to form sample
23
Q

What are the drawbacks of simple random sampling?

Study These Flashcards
A
  • items selected can have variations of whole population
  • may be unrepresentative
  • may be scattered over large geographical area and so harder to collect
  • numbering may be laborious
  • expensive
24
Q

What are the three main methods of quasi- random sampling?

Study These Flashcards
A
  • systemic
  • stratified
  • multistage
25
Systematic Sampling Advs Disadvs
- works by selecting every nth item after random start - start random within first set of numbers - gap between = sampling interval Advs - give good approximation of random sampling as long as no order/pattern to items - easy to select once have sampling frame Disadvs - require frame - access to whole population - bias if regular pattern - expensive to select the sample
26
27
Stratified Sampling Advs Disadvs
- involves dividing population into strata or categories - random samples then taken from each stratum Advs - sample reps all important groups - reflects population as same proportion of individuals from each stratum - increased precision Disadvs - prior knowledge required to determine strata - further data collected - time consuming to divide population
28
Multi stage sampling Advs Disadvs
- probability sampling method - divide pop into sub-pops - select small sample from these at random - each sub-pop then divided further, small sample select again - repeated advs - approximates to random sample - not require frame - suits large pops - cheap as quick Disadvs - not truly random - bias if only small number regions selected
29
When is non- random sampling used and what are the two main methods?
- when sampling frame can’t be established - Quota Sampling - Cluster Sampling
30
Quota Sampling Advs Disadvs
- randomness is forfeited in interest if cheapness and simplicity - interview all people meet up to certain quota- market researchers - restrict sample to fixed number in each stratum advs - large samples studied - may be only approach - yields sufficiently accurate info Disadvs - bias exist as uses first come first serve basis - can’t estimate sampling error
31
32
Cluster Sampling Advs Disadvs
- non-random method involving selecting one definable subsection as sample - it is taken as representative of pop Advs - no frame - alternative to multistage - quick and cheap Disadvs - potential for considerable bias
33
Reports general format and purpose
- control actions - planning decisions - routine - budget control report, progress report - non-routine - market research report, proposed project unbiased & tailored to users needs Title - who prepared, for who, date, status Terms of Reference/Intro- scope/purpose Method Findings Conclusions Recommendations
34
Data Visulisation
process of presenting report formats that represent data in pictorial or graphical format - helps recipient understand significance more easily Some methods more of use on smart devices as present summary and then can click into for more info, making reporting quick and easy have to ensure info not over simplified and then misleads
35
What visualisation tools are mentioned in Carfax and O’Mahony report?
Dashboards- relevant summary for each area, can be drilled down into Line Charts - show trend analysis or time based results Mapping Charts- present data geographically, regions drilled down into Bar & Pie Charts - traditional method for comparing data made up of component parts Tables - traditional methods to present reference material with rows & columns
36
Tables to present info
Matrix of data in rows and columns - both titled - two dimensional with two variables
37
Simple Bar Charts
non- joining bars - separate for each class with height proportional to class frequency - width always same - key to show class
38
Bar Chart
method of presenting info - quantities shown in form of bars on a chart, length of bars being proportional to quantities
39
Component Bat Charts
each bar representing a class and slit into constituent parts (components) - components always in same order - for sales of different products in separate years
40
Multiple Bar Charts
set of bars for each class, each bar representing a single constituent part - within set bars are physically joined and always in same sequence
41
Percentage Component Bar Charts
each bar represents class but all drawn to same length, representing 100% - constituent parts then calculated as percentages of total
42
Pie Chart
- show pictorially the relative size of component elements of a total
43
Scatter Graphs
used to exhibit data to compare way in which two variables vary with one another - y axis dependent - x axis independent there can be trend lines shown from plot points
44
Line Graphs
visualise relationships between variables horizontal x axis - independent (always time if involved) vertical y axis - dependent (what you are measuring)
45
What are some common applications of spreadsheets by management accountants?
- prep of management accounts - cash flow analysis - account reconciliation - revenue/cost analysis - variance analysis - sorting/filtering large volumes of data - what if - as easily tweak figures to see difference makes

Management Accouning (3 decks)

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