Intro

Question 1

Big data

Answer 1

Large collections of data that are gathered from inside or outside a company to provide opportunities for ongoing reporting and analysis

Question 2

The 5 Vs of big data

Answer 2

Variety - data formats
Volume - continuously expanding quantity of data
Velocity - rate data is received and acted on
Value - time and money spent to analyze data
Veracity - fact users expect data to be accurate

Question 3

Data analytics

Answer 3

Process of analyzing data w the aid of specialized systems and software to draw conclusions about the information they contain

Question 4

Risk management

Answer 4

Process used by a company to proactively identify and manage risk. This includes considering whether to avoid the risk, accept it or reduce it.

Question 5

Financial accounting

Answer 5

Concerned with reporting financial info to external parties such as stockholders creditors and regulators. Historical view of events!

Question 6

Managerial accounting

Answer 6

Concerned with providing info to employees within an organization so that they can formulate plans control operations and make decisions. Detailed segment reporting!