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CIMA > E1 Fin In Digital World > Flashcards

E1 Fin In Digital World Flashcards

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1
Q

What are the three general ways that the finance function creates and preserves value

A

Enables, shapes, narrates

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2
Q

What are the five primary roles of the finance function

A 
Planning 
forecasting 
resource allocation 
performance management and control 
financial/corporate reporting
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3
Q

Which of the five primary roles fall under ENABLES

A

Planning - which includes budgeting

forecasting

resource allocation - which includes people materials machinery money

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4
Q

Which of the five primary finance roles falls under SHAPES HOW

A

Performance management and control note that this is viewed as one thing

This includes KPIs & variance analysis

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5
Q

Which of the five primary finance roles falls under NARRATES HOW

A

Financial/corporate reporting

this is producing the accounts for purposes of shareholders and other interested parties

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6
Q

What are the four levels of the diamond shape of the finance organisation

A

4 smart finance factories
3 three digital centres of excellence
2 business partnering
1 senior financial leadership

Four is at the base of the diamond one is at the top

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7
Q

Which area of finance handles tax

A

Tax is handled by the Treasury function

Treasury is part of Level 4 & this would be accounting for tax.

Tax Planning is handled by Specialists in Level 3

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8
Q

What are the key roles of the Treasury function

A 
Working capital management
 cash management 
financing 
foreign currency 
tax
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9
Q

What are the key things that management accounting brings

A

Providing information to help managers and other internal users in:
decision-making
performance measurement
planning and control activities

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10
Q

What are 3 of the key tools used by management accounting

A

Cost schedules/standard cost cards budgets

Variance Reports

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11
Q

In terms of why information is produced what is the key difference between management accounting and financial reporting

A

Management accounting is for internal use financial reporting is for external use such as shareholders creditors banks and government

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12
Q

What are the legal requirements for financial reporting vs management accounting

A

Management accounting has no legal requirement

financial reporting is required for limited companies

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13
Q

What are the required formats for management accounting versus financial reporting

A

Management accounting has no required format - just determined by what the business needs

financial reporting has required formats

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14
Q

What are the characteristics of useful data in management reports

A 
Accurate 
Complete
Cost less than benefits 
Understandable 
Relevant
Adaptable 
Timely
Easy to Use
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15
Q

What are the attributes of Good Data

A 
Accurate 
Timely
Relevant 
Concise
Cost effective
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16
Q

What are the known limitations of using external data

A

External data may not be accurate

external data may be out of date

the company publishing the data may not be reputable

external data may not meet the exact needs of the business

it may be difficult to gather external data

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17
Q

What does ETL stand for in terms of data

A

Extraction
transformation
loading

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18
Q

What is data profiling

A

Before extracting the data, it needs to be analysed to understand
content
format
and structure

this is data profiling

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19
Q

What is data extraction

A

Harvesting data from source databases and locations

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20
Q

What is transformation in the ETL process

A

Transforming the source data into the format used for the destination database

this is done using codes and rules

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21
Q

What is loading in the ETL process

A

This is the process of the newly cleaned and prepared data being uploaded to the destination database ready for use

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22
Q

What is Hadoop

A

A company / software provider that allows processing of big data

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23
Q

What is data modelling

A

Data modelling is a systemic way of looking at all an organisations data requirements in a way that can be converted into code.

Identifies a clear way the data should be organised so it can be retrieved interrogated linked and grouped

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24
Q

What are the three levels of data modelling process

A

Conceptual

logical

physical

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25
What is the conceptual level of data modelling
Practical of you considering the business data and the required information
26
What is the logical level of data modelling
Logical level begins to develop a technical map of rules and data structures it defines how data will be held and used
27
What is the physical level of data modelling
This considers how the system requirements will be implemented using a specific DBMS (database management system)
28
What is DBMS
Database management system this is in used in the Physical level of data modelling
29
What are the 7 Ps of marketing mix
``` Product place promotion price people processes physical evidence ```
30
Which of the 7 Ps of marketing mix relate to service industries
People processes physical evidence
31
What does place mean in the 7 Ps of marketing
Distribution channels intermediaries transportation and storage
32
What does processes refer to in the 7 Ps of marketing mix
The systems through which the service is delivered examples are teaching methods at the school or the type and approach of service in a restaurant
33
What does SMART objectives or KPIs mean
``` Specific measurable achievable relevant time bound ```
34
What are the elements of the IT infrastructure
``` Core networks databases software hardware and procedures ``` managed by the IT function
35
In terms of types of technology what is the difference between Core Modernisation Tools and Exponentials
Core Modernisation tools are considered mainstream Exponentials are at an early adopter stage
36
What are two examples of core modernisation tools
Cloud technology | data visualisation
37
What are two examples of types of technology called Exponentials
Block chain advanced analytics
38
What are the key benefits of data visualisation
Accessible real-time performance optimisation insight and understanding
39
What are the accounting rules for Cryptocurrency
This is a great area and is currently undergoing debate Some say Cryptocurrency should be considered cash or intangible assets or even inventory but nothing has been decided
40
What is meant by having a Digital Mindset
Taking the overall strategic view of the long-term impact of all the changes in data and data technology
41
What are the five qualities that Forbes identified as being important for the Digital Mindset
Provide vision at empower others give up control yet architect the choices sustain yet disrupt rely on data yet trust your intuition be sceptical get open-minded
42
What are the five key building blocks of data strategy
Identify store provision process govern
43
Briefly describe the 5 key building blocks of data strategy
Identify - what does a business have an require this is similar to date a profiling store - what structure and storage approach will protect and make the data easy to use provision - data should be package to allow easy use to the organisation. rules and guidelines and access levels are in this section process - current data should be designed for easy and consistent processing govern - clear consistent policy is on use and storage. minimising risk of breach/hack
44
What are the primary tasks of smart finance factories ( level four)
Overall- basic day to day accounting Financial reporting Treasury management internal audit Management accounting
45
What are the primary tasks of digital centres of excellence (level three)
Specialists who provide further insight on info handed over from level 4 financial planning and analysis (fp&a) project management Project appraisal Taxation
46
What are normal roles of FP&A
Getting the organisations overall health using key financial ratios looking at effectiveness of organisations current investments and comparing to other ways that might use its cash Prepare budgets across departments to consolidate into an overall budget Identify which products/product lines are the most profitable
47
What are the four Vs of operations
Volume variety (of inputs & outputs) variation (in demand) visibility (to customers)
48
What are the four Vs of big data
Velocity veracity volume variety (Put “of the data” at the end of these for meaning)
49
What are the five steps in the product/service development
Consider customers needs concept screening design process time to market product testing
50
What are the three categories of stakeholders
Connected internal external
51
What are internal stakeholders and give two examples
Internal stakeholders are intimately connected to the organisation examples include employees managers and directors
52
What are connected stakeholders and give for examples of connected stakeholders
Connected stakeholders invest in or have dealings with the company examples include shareholders customers suppliers finance providers
53
What are external Stakeholders and give for examples of external stakeholders
External stakeholders don’t have a direct link with the company but can influence or be influenced by its activity examples include the community environmental groups government trade unions
54
What is structured data versus unstructured data
Structured data is deliberately produced and collected for a specific purpose unstructured data is captured passively without a clear purpose. examples include social media and likes
55
Briefly explain principal sources of data or give a couple of examples of each
Human sourced - social media text messages emails machine generated data - smart technology Internet of things sensors home assistance processed data - traditional data data bases customers transactions open data - publicly available data such as information from government’s national statistics
56
What is Porters value chain
This is focused on activities instead of functions and looks at where value is added
57
In Porters value chain describe primary and secondary activities
Primary activities are once the customer interacts with and sees the value being created secondary are support activities Required to deliver the primary activity
58
What are four main characteristics of services
Intangibility inseparability perishability variability
59
What is the difference between a critical success factor (CSF) and a KPI
Critical success factors are the vital areas where things must go right for the business to meet some strategic objectives KPIs are the measures which indicate whether or not the CSFs are being achieved
60
What are the five CIMA code of ethics Principles. Give a short definition
Integrity - straightforward honest and truthful objectivity - no bias professional competence and due care - CPD & diligence confidentiality professional behaviour - laws and regulations conduct unbecoming
61
What are the primary roles of Level 2 in the diamond shape
Business partnering communicating insight to influence users
62
What are the primary rules of level one of the diamond structure
Key initiatives that support the organisations goals executing and funding strategies set by the CEO liaise effectively with internal and external stakeholders
63
What are the useful reasons for budgets
Crumpet Coordination responsibility utilisation motivation planning evaluation telling (coms)

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